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Crypto Funds Suffer Second Straight Week of Outflows
Investors continue to be daunted by the uncertain market and economic environment.
Cryptocurrency funds saw outflows for a second straight week as investors reacted to the Federal Reserve's first interest rate hike since 2018 and to the uncertainty over the potential ramifications of the Ukraine-Russia war.
Some $47 million were redeemed from digital-asset investment products in the seven days through March 18, according to a report Monday from CoinShares. That amount was smaller than the $110 million of outflows recorded for the prior week. But before the latest spate of redemptions, crypto funds had racked up seven straight weeks of inflows.
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"We believe the recent negative sentiment in North America is due to continued jitters over regulation and geopolitical issues caused by the Ukrainian conflict," CoinShares wrote in the report
Broken down by assets, bitcoin (BTC) funds had $33 million in outflows and ether (ETH) funds had $17 million in outflows.
"Most other altcoins saw inflows last week," CoinShares wrote.
So far this year, investors have redeemed a net $46.5 million from crypto funds, leaving the total assets under management at $53.7 billion.
Bradley Keoun
Bradley Keoun is CoinDesk's managing editor of tech & protocols, where he oversees a team of reporters covering blockchain technology, and previously ran the global crypto markets team. A two-time Loeb Awards finalist, he previously was chief global finance and economic correspondent for TheStreet and before that worked as an editor and reporter for Bloomberg News in New York and Mexico City, reporting on Wall Street, emerging markets and the energy industry. He started out as a police-beat reporter for the Gainesville Sun in Florida and later worked as a general-assignment reporter for the Chicago Tribune. Originally from Fort Wayne, Indiana, he double-majored in electrical engineering and classical studies as an undergraduate at Duke University and later obtained a master's in journalism from the University of Florida. He is currently based in Austin, Texas, and in his spare time plays guitar, sings in a choir and hikes in the Texas Hill Country. He owns less than $1,000 each of several cryptocurrencies.
