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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.
Updated Mar 6, 2023, 3:15 p.m. Published May 10, 2021, 4:44 p.m.
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.
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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.”
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