Outflows from cryptocurrency investment products from May 6 to May 12 totalled $32.1 million, versus $53.8 million a week earlier. This assessment was provided by analysts at CoinShares.
Over the last five weeks, outflows totalled $232 million, equivalent to 0.7% AUM.
From bitcoin products, withdrawals totalled $32.7 million ($37.5 million a week earlier). From structures that allow short exposure to the first cryptocurrency, investors pulled $1.3 million versus $10.4 million in the previous reporting period.
Ethereum funds posted a $1 million outflow. A week earlier there were inflows of $0.1 million.
In other altcoins, positive momentum prevailed. Avalanche- and Litecoin-based products attracted $0.7 million and $0.3 million, respectively.
Earlier, the author of the best-selling “Rich Dad, Poor Dad” and entrepreneur Robert Kiyosaki advised to maintain “defensive positions” in gold, silver and Bitcoin in light of potential bank turmoil.
As noted, Michael Kramer, founder of asset-management firm Mott Capital Management, expressed concerns about a possible drop of the leading cryptocurrency to around $20,000.