Inflows to Crypto Funds Slow as Apparent Profit-Taking Offsets Fresh Money
Flows into digital asset funds slowed by about $116 million to $373 million last week, according to a report Monday by CoinShares, as some investors apparently cashed out.
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 (ETH) 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.”