Global crypto investment products at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares ended an almost $2 billion three-week net inflow streak, with $147 million exiting the funds last week, according to CoinShares.
“Higher than expected economic data last week, reducing the probabilities for significant rate cuts are the likely reason for the weaker sentiment amongst investors,” CoinShares Head of Research James Butterfill said in a Monday report.
Weekly crypto asset flows. Images: CoinShares.
Global bitcoin-based funds led with $159 million in net outflows, while short-bitcoin investment products attracted $2.8 million in net inflows. Funds in the U.S., Germany and Hong Kong dominated the negative flows with losses of $209 million, $8.3 million and $7.3 million, respectively. Meanwhile, products based in Canada and Switzerland offset some of that impact by registering $43 million and $34.9 million worth of net inflows.
Trading volumes for global crypto investment products were up 15% for the week to $10 billion, despite the lower volumes seen in the broader crypto market, Butterfill added.
Bitcoin is currently trading for $63,595, according to The Block’s Bitcoin Price Page, gaining 2.6% over the past 24 hours. However, the foremost cryptocurrency had fallen 8.5% to a low of around $60,000 early last week before recovering. It remains up 46.6% year-to-date.
BTC/USD price chart. Image: The Block/TradingView.
Ethereum-based products, which had only just broken a five-week negative spell the week before, weren’t spared either, resuming net outflows of $28.9 million globally last week amid “lackluster” investor interest in the asset, Butterfill said.
However, multi-asset investment products, incorporating exposure to various cryptocurrencies, bucked the trend, adding net inflows of $29.4 million and marking their 16th consecutive week of positive flows, totaling $431 million.
“Since June, multi-asset products have been a favorite among investors who prefer to invest in a diversified basket of assets rather than individual ones,” Butterill noted. It's a trend that has seen them rise to represent 10% of assets under management at global crypto fund managers.
The GMCI 30 index, which represents a selection of the top 30 cryptocurrencies gained 2.5% during the past 24 hours to 118.20 but is down around 5% over the past seven days.
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