The past few weeks have not been too positive for exchange-traded crypto funds. The crypto market itself flourished, but investors in related exchange products were less optimistic. This sentiment did not change last week, according to CoinShares research. Many investors have sold.
Scholarship money goes out bitcoin and ethereum
That writes the exchange-traded funds (ETF) provider in a weekly blog post. In the week of May 15, $32.1 million left the crypto market, marking the fifth consecutive week outflows. A total of $232 million has left in those five weeks. However, capital flight from crypto is slowly declining. There were three of those five weeks in which more money left, and last week the amount was almost twice as high.
Of all the money that left, bitcoin (BTC) made up the lion’s share, as usual. To be precise, $32.7 million left the largest cryptocurrency. Furthermore, the amounts remained very limited, as 1 million dollars left ethereum (ETH).
$1.3 million left short BTC funds hoping for a falling price. That suggests that traders are less willing to speculate in crypto, and they may have taken their profit on bitcoin. The week ended about 12% lower than where the price was a few weeks ago.
Altcoins actually grew, Germany bearish
This was partially offset by multi-coin funds growing by $1.6 million. Litecoin (LTC), XRP and other tokens also grew by 3, 2 and 9 tons respectively. Of the other coins, Avalanche exchange funds have grown the fastest, although it is not clear by how much.
Almost all countries were in the red in terms of money flows to and from the market. Germany accounted for 73% of all outgoing money. But Australia saw neither growth nor contraction. Brazil and Canada were also exceptions to the rule with $1.3 and $2.2 million in inflows, respectively.