Investors trim exposure to crypto funds

Net outflows from cryptocurrency investment products from November 19 to 25 amounted to $23 million, compared with inflows of $43.7 million a week earlier. Analysts at CoinShares said.

In traditional Bitcoin funds, there was an outflow of $11 million versus inflows of $14 million a week earlier. Structures that allow shorting the first cryptocurrency attracted $9.2 million (in the previous reporting period — $18.4 million).

In Ethereum funds, outflows of $6 million were recorded, compared with $0.8 million a week earlier. Structures that allow shorting the second-largest cryptocurrency posted the largest-ever outflow of $15.2 million after a record inflow of $14 million in the previous seven days.

In altcoins (excluding Ethereum), negative momentum persisted. Products based on a basket of them attracted $0.1 million.

Earlier, Glassnode analysts noted waning confidence among hodlers after the FTX crash.

As of November 17, the unrealised loss of the ‘average’ long-term Bitcoin investor had reached 33%. This figure, according to the indicator MVRV, corresponds to the bear market of 2018 before its end.

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