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Inflows to Crypto Funds Slow as Apparent Profit-Taking Offsets Fresh Money
Digital asset fund inflows slowed last week, although demand for Ethereum products rose, according to CoinShares.
Flows into digital asset funds slowed by about $116 million to $373 million last week as some investors apparently cashed out, according to a report Monday by CoinShares.
STORY CONTINUES BELOW
Overall, positive inflows were noted during the week ending May 7, although “some providers continue to see outflows in what we believe is continued profit taking behavior,” wrote CoinShares, a digital asset investment firm.
- Bitcoin (BTC) netted $290 million of inflows on the week, according to the report.
- Meanwhile, investor demand for investment products focused on Ethereum continued to rise, with inflows of $60 million last week. Total assets under management reached a new record of $16.5 billion.
- “Bitcoin achieved this level of assets under management only in December 2020,” according to CoinShares.
- “New investment product entrants, cardano (ADA) and litecoin (LTC), got off to a good start with inflows of $6.6 million and $3.6 million respectively.”
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
