Bitcoin, Ethereum And Other Altcoins See Minor Outflows From Funds

Bitcoin, Ethereum And Other Altcoins See Minor Outflows From Funds

Crypto investment funds saw moderate outflows last week after six consecutive weeks of inflows.

What Happened: Bitcoin BTC/USD investment products saw $21 million worth of outflows and Short Bitcoin funds saw $2.6 million worth of inflows, as per CoinShares weekly fund flows report on digital assets.

Meanwhile, funds focused on the leading altcoin Ethereum ETH/USD saw $100,000 worth of inflows. 

Altcoins like Cardano ADA/USD and XRP XRP/USD saw $200,000 worth of inflows each, while Tron TRX/USD recorded $100,000 worth of inflows.

“It is difficult to discern if this is a meaningful change in sentiment given its small size, although minor outflows were seen across a broad set of providers,” wrote CoinShares head of research James Butterfill. 

“It also comes at a time of low trading volume and a recovery in prices suggesting there could be an element of minor profit taking,” he added.

The Bitcoin Fear and Greed index – an indicator used to measure sentiment in the crypto market – entered “neutral” territory over the weekend, after spending weeks in the “fear” and “extreme fear” zones.

Market sentiment improved following a move from BlackRock Inc BLK announcing a private trust for institutions to gain spot exposure to Bitcoin. 

See Also: IS BITCOIN A GOOD INVESTMENT?

Price Action: At press time, BTC was trading at $24,000, down 0.98% over the last 24 hours, as per data from Benzinga Pro. ETH was trading at $1,883, down 2.7% over the same period.

Posted In: CryptocurrencyNewsMarkets

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