The digital asset manager CoinShares published the figures in its March 3
Capital has flowed from major crypto asset funds for four consecutive weeks, and the total for the past seven days was $120.1 million. The grand total for the 4-week run was $339 million, according to the report.
There were similar outflows earlier in the year, but CoinShares said it wasn’t that bad just yet.
“This does not reflect the same downward movement seen earlier this year, although it is close to the $467 million observed outflows.”
The majority of these outflows came from Bitcoin-based funds, resulting in the largest single week of outflows since June 2021, with $133 million exiting BTC funds.
The researchers said it was difficult to pinpoint the exact reason for the exodus, aside from the “hawkish rhetoric from the US Federal Reserve” and the asset’s recent price declines.
Ethereum The funds also saw outflows totaling $25 million last week, she added. So far this year, there have only been five weeks of Ethereum outflows, and the year-to-date figure is $194 million.
Most altcoin-based funds also declined, but multi-asset funds bucked the trend with inflows of $1.9 million for the period. There have also been minor inflows for Terra and Fantom based products. Only funds based on the FTX token saw measurable inflows at $38 million, CoinShares reported.
Geographically, things were evenly distributed, with America accounting for 41% and Europe 59% of the outflows. ProShares group lost the most at $91 million, while ETH Group and 21Shares lost $35.5 million and $32.5 million, respectively. Purpose bucked the trend with an inflow of $54.7 million.
Total year-to-date inflows are still in positive territory, but at $270 million on current sentiment, that number is dwindling. CoinShares itself saw a 42% drop in total revenue in the first quarter.
Crypto markets continue to fall
According to CoinGecko, the entire cryptomarket capitalization fell to its lowest level since mid-March. The big number currently stands at $1.81 trillion, having lost another 1.2% over the past 24 hours.
Bitcoin fell below $38,000 earlier today after losing a similar percentage, and Ethereum is now just below $2,800 after losing 1.8% on the day. All of the altcoins in the top 20 are in the red as of this writing, with the exception of NEAR, which is up 2.7% on the day.
Source: Crypto News Deutsch