Coin News

Ethereum Funds Saw $11 Million Worth of Outflows Last Week

31 May, 20222 min readEthereum
Ethereum Funds Saw $11 Million Worth of Outflows Last Week

Ethereum funds saw $11.6 million worth of outflows last week, according to data provided by cryptocurrency asset manager CoinShares. Its outflows have now topped a quarter of a billion dollars since the start of 2022. Algorand funds, for comparison, saw a record-breaking $20 million worth of inflows. Overall, digital asset investment products attracted $87 million, with Bitcoin-centered funds accounting for the vast majority of the sum ($69 million). Last week, cryptocurrency funds saw $141 million worth of outflows.

North America was far ahead of Europe in terms of total inflows last week ($72 million and $15.5 million, respectively). Solana comes in third place with $1.8 million worth in follows. It is followed by funds that track Tron and Polkadot ($400,000 and $300,000), respectively. Due to the recent market correction, total assets under management have now shrunk to the lowest point in almost a year.Grayscale, the largest cryptocurrency asset manager, has an AUM of $24.5 billion. Overall, cryptocurrency funds have already attracted $520 billion worth of inflows since the start of this tumultuous year.Cryptocurrency prices have significantly rebounded this week after a two-month sell-off.

The price of Bitcoin is currently sitting just above the $32,000, adding nearly 7% within the last week.

Ether is still in the red over the last week, but it is now close to regaining the psychologically important $2,000 level.

The cryptocurrency market is currently valued at $1.31 trillion, according to CoinMarketCap data.

Considering that Short Bitcoin saw nearly $2 million worth of inflows, the market remains bearish, according to CoinShares.


Subscribe to get our top stories

Coin News
App StoreApp Store