Last week crypto funds suffered of big outflows. In fact, last weeks outflow was the largest since January 2022. Coinshares reported that investors withdrew money from Bitcoin and Ethereum funds.
The funds had $134 million in net outflows, which makes last week the second worst week for funds that manage digital assets. This represents a sharp turn after two straight weeks of heavy inflows.
The biggest outflows were seen in Bitcoin-related products with around $131.8 million. On the other hand short products on Bitcoin saw their largest inflow ever recorded.
"We believe price appreciation the previous week may have prompted investors to take profits", the report said. This gets supported by the lower daily trading volumes, which indicates there isn't much stress among investors.
Meanwhile, altcoins (excluding Ethereum) and multiple-asset funds stayed resilient and even recorded inflows of $6 million.
The altcoins were lead by Solana with a inflow of $3.7 million. Funds focused on Cardano saw $1 million inflows and $600,000 flowed into Litecoin.
Funds managed by ProShares and ETC Group took the biggest hit with outflows of $64.5 million and $45.8 million.