2021-06-14 08:00:00

Bitcoin Fund Outflows Slow as Investors Exit Ethereum

Money being pulled out of digital-asset investment funds slowed somewhat last week. However, while net redemptions from bitcoin-focused funds shrank, some investors seem to be souring on ether.

Overall, digital-asset funds experienced net outflows of $21 million during the week ending June 11, down from $94 million pulled out of funds the prior week, according to a Monday report by CoinShares.

The decline in outflows might be an early sign of bearishness has peaked.

Investors have been pulling money from bitcoin funds in recent weeks as the price of the largest cryptocurrency by market value traded below $40,000, down from the all-time high near $65,000 reached in April.

Funds focused on altcoins including ether, the native cryptocurrency of the Ethereum blockchain, as well as XRP had been favored over the past month as investors diversified from bitcoin funds. The latest data suggests that trend might be starting to shift.

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