Investors pulled cash out of cryptocurrency funds for a fifth straight week, reflecting the bearish market temper as bitcoin suffers one of its worst-ever begins to a yr.
Digital-asset funding merchandise noticed $73 million of outflows through the seven days by way of Jan. 14, in line with a report printed Monday by the crypto agency CoinShares. The redemptions accumulate to $532 million over the 5 weeks, reducing industrywide belongings below administration throughout all funds to $56.1 billion.
Investment funds targeted on bitcoin (BTC), the world’s largest cryptocurrency by market worth, accounted for $55 million of the outflows. Ethereum-related funds noticed outflows totaling $30 million.
However, the report famous that each day, for the primary time this yr, there have been inflows on Wednesday and Friday of final week.
“This is suggesting the bearish sentiment is beginning to abate after recent positive price moves,” in line with the report.
Recent worth motion nonetheless appears to be like comparatively dour, with bitcoin down 2.5% within the final seven days, buying and selling round $41,000, and ether (ETH), the native cryptocurrency of the Ethereum blockchain, down 3.5% at $3,100.
Going in opposition to the development was Solana, the layer 1 blockchain protocol, apparently an investor favourite with inflows totaling $5.4 million. Solana-focused funds have solely seen two particular person weeks of outflows since August 2021, in line with CoinShares.