Crypto Funds Witness Minor Outflows – but It's Bullish, Actually
Crypto funds saw outflows totaling $5 million last week, fueled by sizable redemptions from “short” investment products, or those designed to profit from price declines, according to data from CoinShares.
“This suggests sentiment remains positive,” said James Butterfill, head of research at CoinShares.
The world’s largest cryptocurrency by market value, bitcoin (BTC) witnessed a fourth consecutive week of inflows totaling $12 million, while short-bitcoin investment products saw outlaws totaling a record $15 million.
The price of bitcoin has not moved much over the 30 days, trading in a range between $18,800-$22,590.
Ether had minor outflows of $2.2 million, highlighting the continued hesitancy amongst investors post-Merge, according to CoinShares.
“Recent feedback from clients suggest concern for its regulatory status as a security now [that] it offers a staking yield,” said the report.