A fourth straight week of outflows for digital asset investment products amounted to $120 million.
The outflows of the week ending April 29 brought the total of the four-week streak to $339 million, according to the latest CoinShares report.
While close to the $467 million witnessed during a similar run at the beginning of the year, the report added that it did not reflect the same bearishness.
For instance, last week’s outflows were almost negligible at $7 million. The report also noted how they had been fairly evenly split between Europe, with 59%, and the Americas, with 41%.
Largest outflows since June
As is typical, bitcoin-based investment products experience the majority at $133 million. The report highlighted it as the largest single week of negative flow since June.
Despite the significant figure, the report struggled to pinpoint a precise reason “other than the hawkish rhetoric from the U.S. Federal Reserve and the recent price decline.”
As has been the case for much of the year so far, Ethereum-based products saw outflows, last week amounting to $25 million. The report underscored that out of the 17 weeks this year, Ethereum-based products only experienced inflows for five of them, bringing year-to-date outflows to $194 million.
The majority of other large altcoins also saw money leave last week, albeit on a much smaller scale. Solana, Polkadot, Binance Coin, Litecoin, and Cardano saw outflows of $1.5 million, $800,000, $700,000, $600,000, and $400,000 respectively.
Unusually, blockchain equities succumbed to negative sentiment, experiencing only their third week of outflows this year, amounting to $27 million.
A handful of altcoins meanwhile bucked the trend and saw minor inflows last week. For instance, Terra and Fantom’s inflows totaled $390,000 and $250,000 respectively.
However, the utility token for the fast-growing FTX crypto exchange, FTX Token, saw significant inflows amounting to $38 million.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
