Outflows from crypto funds extend for the fourth week in a row

Outflows from cryptocurrency investment products for the week of 29 April to 5 May totalled $53.8 million, compared with $72.1 million a week earlier. Analysts at CoinShares estimated the figure.

Over the last four weeks, outflows reached $200 million, equivalent to 0.6% AUM.

Assets in crypto funds fell by 13% from the peak reached in mid-April.

Outflows from Bitcoin products totalled $37.5 million (a week earlier, $46 million; total over four weeks — $160 million).

Among products that enable shorting the first cryptocurrency, investors withdrew $10.4 million versus $7.8 million in the previous reporting period.

Ethereum funds posted inflows of $0.1 million. A week earlier, there was an outflow of $19 million—the largest since The Merge in September 2022.

In other altcoins, the trend was positive. Cardano-, Tron- and Sandbox-based products attracted $0.5 million, $0.23 million and $0.2 million respectively, while those based on BNB recorded an outflow of $0.5 million. Altcoin-basket funds saw outflows of $6.7 million.

Earlier, Glassnode co-founder Negentropic forecast Bitcoin’s continued rise to $35 000 during the summer.