Bitcoin Funds Continue Bleeding Assets

Bitcoin Funds Continue Bleeding Assets

Bitcoin saw outflows for the eighth consecutive week with outflows totalling US$3.8m.

JamesButterfill310x310
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Head of Research and Investment Strategy
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Reviewed by: James Butterfill
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Edited by: James Butterfill

Takeaways

  • Digital asset investment products saw a second consecutive week of inflows totalling US$24m last week.
  • Bitcoin saw outflows for the 8th consecutive week with outflows totalling US$3.8m. 14 out of the last 16 weeks have been outflows.
  • Cardano saw inflows totalling US$10.1m this week, its largest on record, bringing its market share to 0.15%.
  • Altcoins (including Ethereum) now represent 32% of total digital asset AuM, close to the record 35% set in mid-May this year and surpassing the 30% highs seen in January 2018.

 

 

 

 

Digital asset investment products saw a second consecutive week of inflows totalling US$24m last week. This follows the longest bearish streak since 2018, however the recovery has been predominantly due to improved sentiment in altcoins rather than Bitcoin this time.

Bitcoin saw outflows for the 8th consecutive week with outflows totalling US$3.8m. 14 out of the last 16 weeks have been outflows and total US$650m, this remains de minimus relative to the total assets under management (AuM) of US$38bn and year-to-date inflows of US$4.1bn.

Ethereum saw inflows totalling US$17m last week with only 7 of the last 16 weeks seeing outflows. Ethereum’s market share remains stable at 25%.

The highlight this week was from Cardano, which saw inflows totalling US$10.1m this week, its largest on record, bringing its market share to 0.15%.

Both Solana and Polkadot continued to see inflows of US$2.7m and US$1.5m respectively. Solana has overtaken Bitcoin Cash’s AuM and now totals US$15.7m

Altcoins (including Ethereum) now represent 32% of total digital asset AuM, close to the record 35% set in mid-May this year and surpassing the 30% highs seen in January 2018.

 

 

 

 

 

 

 

Contact James Butterfill at [email protected]

James Butterfill has over 19 years of experience in fund management, investment banking, economics and asset allocation, gained most recently as an investment strategist at CoinShares. Previously, he was head of research at ETF Securities, with prior experience as a multi-asset fund manager and investment strategist at Coutts & Co., HSBC & ING Barings. James is a regular media commentator, and frequently appears on Bloomberg TV, CNBC, BBC and other broadcast outlets. Investment Week awarded him best ETF Eesearch and best FX Research in 2016 and 2017, respectively. James is currently an investment strategist at CoinShares, writing research white papers on investment themes, identifying investment opportunities and helping investors understand the digital asset world.