Bitcoin and altcoin funds saw outflows for the second week in a row as investors reacted to the US Federal Reserve’s first rate hike since 2018 and uncertainty over the possible consequences of the Ukraine-Russia war. Here are the details…
Money outflows continue to occur in Bitcoin and altcoin funds
cryptocoin.com As we have also reported, the US Federal Reserve, the Fed, increased the interest rates, which it had been signaling for several months, last week. The bank realized an increase of 25 basis points. Meanwhile, traders seem to be unresponsive to this situation and funds are outflowing. According to a report by digital asset manager CoinShares on Monday, approximately $47 million came out of crypto investment products in the seven-day period until March 18. Considering the $110 million debut last week, that amount seems small.
However, it is worth noting that prior to this process, fund inflows were made about seven weeks in a row. According to CoinShares, the reasons behind this are the recent negative sentiment in North America, the Ukraine-Russia war, and ongoing concerns over geopolitical issues. Looking at the data in more detail, it is seen that there is an outflow of $ 33 million in Bitcoin (BTC) funds and $ 17 million in Ethereum (ETH) funds.
Which altcoins had inflows?
CoinShares noted that “Most of the other altcoins have seen entries in the past week.” So far this year, investors have taken back a net $46.5 million from crypto funds, leaving $53.7 billion in total assets under management. Meanwhile, looking at the CoinShares chart showing the inflows to cryptocurrency funds, we can see that funds were transferred to Litecoin (LTC), Solana (SOL), Polkadot (DOT), and Ripple (XRP).
Ethereum-based products saw $50 million outflows last week. This week, however, it recorded $17 million outflows, which is lower than the previous week. Blockchain-linked equity investment products also posted a net inflow of $17 million this week, after $4 million last week.
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