Crypto Funds Snap 6 Weeks of Outflows as Markets Rally

Crypto Funds Snap 6 Weeks of Outflows as Markets Rally

Crypto funds have seen $21 million of net inflows as digital-asset markets rallied, pushing the total assets under management (AuM) to $57.3 billion, the highest since May, a new report shows.

The latest data reflects a reversal after six consecutive weeks of outflows, according to the report Monday by digital-asset manager CoinShares.

Funds focused on Solana’s SOL token saw the largest inflow among all digital assets, at $7.1 million last week, the report shows. The token hit an all-time high of $82 on Aug. 21, according to Messari.

Investors redeemed $2.8 million from bitcoin-focused funds last week, the seventh consecutive week of outflows, despite the largest cryptocurrency’s price upturn. The run matched the streak of outflows recorded in early 2018, the report noted. That was just before the “crypto winter” where cryptocurrency prices tanked and failed to return to all-time highs for more than two years.

Crypto funds focused on Ethereum netted $3.2 million of inflows last week.

Funds focused on cardano‘s ADA token saw net inflows of $6.4 million, while litecoin (LTC) funds brought in $1.8 million and polkadot (DOT) funds netted $1.1 million.