- Cryptocurrency funds experienced a net outflow of $6.5 million last week, following a four-week period of $742 million inflows.
- Ethereum funds received significant investments, becoming the most invested fund group of the week with $6.6 million.
- Despite a quiet week for the US and Canada, American funds have seen a net increase of $385 million since the beginning of the year.
Shift in Cryptocurrency Fund Flows
After a four-week period of substantial inflows totaling $742 million, cryptocurrency funds experienced a slight outflow last week. The net outflow value was $6.5 million, with Bitcoin funds seeing sales of approximately $13 million. Interestingly, “short Bitcoin” funds constituted $5.5 million of these outflows.
Unexpected Investments in Ethereum
Contrary to Bitcoin, other cryptocurrency funds received significant investments. Ethereum funds emerged as the most invested fund group of the week, receiving $6.6 million. Despite being $68 million in the red since the start of the year, these heavy fund inflows could indicate a change in trend.
Legal Impact on Ripple
XRP funds, which have been in the green for a long time but haven’t received high investments, began to see the slight impact of a recent court ruling. Last week, XRP funds received an investment of $2.6 million. Other rising stars in the crypto world, Solana and Polygon, received investments of $1.1 million and $700,000 respectively. Meanwhile, Litecoin, which is nearing halving, saw an outflow of $300,000.
The total value of assets under management reached $37 billion, with Grayscale funds making up $24.8 billion of this figure.
Outflows in Canada and the US
On a country basis, the US and Canada, which had been buoyant in recent weeks due to the BlackRock effect, closed the week quietly. US funds saw an outflow of $8.9 million, while Canadian funds saw an outflow of $12.2 million. However, it’s worth noting that US funds have seen a net increase of $385 million since the start of the year.
