Crypto-backed investment funds saw net outflows for 4th CoinShares’ latest crypto fund inflows last week for consecutive weeks, bringing total outflows to $200 million for a 4-week period reports Has shown.
For the past week alone, outflows from crypto-backed funds reached $53.8 million, almost the same as last week, when 53.7 million left crypto funds.
Outflows for the week were primarily driven by outflows of funds supported by $37.5 million bitcoin (btc)data shown.
For bitcoin funds in particular, last week represented a worse turn than the previous week, when $31.8 million was withdrawn on a net basis.
In the four-week period, total outflows from bitcoin funds reached $160 million, which is almost 80% of total outflows across all crypto fund categories during the same period.
Interestingly, the second largest fund category in terms of outflows last week was short-Bitcoin funds, which recorded an outflow of $10.4 million.
Short-bitcoin funds make money when the price of bitcoin falls, and outflows from these funds indicate that speculators are becoming less bearish.
According to CoinShares, the bulk of investment money moving in and out of bitcoin funds means that investor activity is now almost entirely focused on bitcoin rather than altcoins.
In terms of altcoin funds, the biggest change for the week was seen in so-called multi-asset funds, which are funds backed by a basket of different digital assets. According to data from CoinShares, this fund category saw an outflow of $6.7 million.