In the run-up to Bitcoin’s correction, withdrawals from investment products based on it from May 7 to May 14 totaled a record $98 million. Data from the digital-asset management firm CoinShares.
This represents 0.2% of the combined net asset value of such funds.
The previous record outflow of $19 million occurred in May 2019. Outflows had last been recorded in October 2020.
Inflows into other crypto funds over the same period totaled $48 million.
“Investors are diversifying their positions by moving assets out of Bitcoin and into altcoins.”, CoinShares said.
Inflows into Ethereum funds totaled $27 million. For the first time, trading volumes in such products surpassed Bitcoin’s — $4.1 billion versus $3.1 billion.
“We also observed inflows into other digital assets, the most popular of which were Cardano (ADA) and Polkadot (DOT) with $6 million and $3.3 million respectively”, the report states.
Earlier, ForkLog reported on the strengthening of PoS-based coins relative to Bitcoin.
Earlier, Glassnode identified short-term investor selling as the primary driver of the current correction in Bitcoin.
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