Crypto funds post record outflow

The outflow from cryptocurrency investment products from March 4 to 10 reached a record $255 million, compared with $17 million a week earlier, according to CoinShares.

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The negative momentum continued for a fifth consecutive week.

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The $255 million represented 1% of assets under management. The figure has returned to levels seen at the start of the year.

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The more notable relative decline AUM occurred in May 2010. Since then, AUM has risen by 861%, analysts noted.

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Investors pulled $244 million from traditional Bitcoin funds ($20.1 million in the previous week). Outflows from products that allow short exposure to the cryptocurrency totaled $1.2 million, versus an inflow of $1.8 million in the previous reporting period.

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In altcoins, mixed dynamics were observed. From Ethereum-, Litecoin- and Tron-based products, investors pulled $11 million and $0.3 million respectively. Solana-based funds attracted $0.4 million, XRP $0.3 million.

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On March 13, Bitcoin surpassed $22,000 on the back of a statement from the U.S. Treasury and the FDIC.

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Earlier, Glassnode analysts noted an improvement in market sentiment and the potential for further Bitcoin price growth, based on on-chain indicators.