Outflows of Digital Asset Funds Continue for a Fourth Week

A fourth straight week of outflows for digital asset investment products amounted to $120 million.

The outflows of the week ending April 29 brought the total of the four-week streak to $339 million, according to the latest CoinShares report. 

While close to the $467 million witnessed during a similar run at the beginning of the year, the report added that it did not reflect the same bearishness. 

For instance, last week’s outflows were almost negligible at $7 million. The report also noted how they had been fairly evenly split between Europe, with 59%, and the Americas, with 41%.

Largest outflows since June

As is typical, bitcoin-based investment products experience the majority at $133 million. The report highlighted it as the largest single week of negative flow since June. 

Despite the significant figure, the report struggled to pinpoint a precise reason “other than the hawkish rhetoric from the U.S. Federal Reserve and the recent price decline.”

As has been the case for much of the year so far, Ethereum-based products saw outflows, last week amounting to $25 million. The report underscored that out of the 17 weeks this year, Ethereum-based products only experienced inflows for five of them, bringing year-to-date outflows to $194 million.

The majority of other large altcoins also saw money leave last week, albeit on a much smaller scale. Solana, Polkadot, Binance Coin, Litecoin, and Cardano saw outflows of $1.5 million, $800,000, $700,000, $600,000, and $400,000 respectively.

Unusually, blockchain equities succumbed to negative sentiment, experiencing only their third week of outflows this year, amounting to $27 million.

A handful of altcoins meanwhile bucked the trend and saw minor inflows last week. For instance, Terra and Fantom’s inflows totaled $390,000 and $250,000 respectively. 

However, the utility token for the fast-growing FTX crypto exchange, FTX Token, saw significant inflows amounting to $38 million.