Ethereum

Bitcoin

Million

James

<![CDATA[<figure class="image"><img src="https://cimg.co/news/124255/328028/bitcoin-chart.jpeg" srcset="https://cimg.co/news/124255/328028/responsive-images/bitcoin-chart___media_library_original_1200_800.jpeg 1200w, https://cimg.co/news/124255/328028/responsive-images/bitcoin-chart___media_library_original_900_600.jpeg 900w, https://cimg.co/news/124255/328028/responsive-images/bitcoin-chart___media_library_original_720_480.jpeg 720w, https://cimg.co/news/124255/328028/responsive-images/bitcoin-chart___media_library_original_600_400.jpeg 600w, https://cimg.co/news/124255/328028/responsive-images/bitcoin-chart___media_library_original_300_200.jpeg 300w" width="1200" class="content-img" alt=""><figcaption>Source: GettyImage</figcaption></figure>Crypto-backed investment funds saw minor outflows totaling $11.2 million last week, marking the third consecutive week of outflows from the sector.The overall outflows mainly came as a result of significant outflows from altcoin-backed funds, and in particular those backed by Polygon&rsquo;s native token <a href="https://cryptonews.com/coins/matic-matic-network/">MATIC</a>, <a href="https://blog.coinshares.com/volume-147-digital-asset-fund-flows-weekly-report-d2bd37bdf5c5">data</a> from crypto investment and research firm CoinShares showed.According to the data, MATIC-backed funds saw outflows of $8.6 million, making up nearly all outflows from the &ldquo;other&rdquo; category in CoinShares&rsquo; report.Other fund categories that recorded outflows for the week included <a href="https://cryptonews.com/coins/ethereum/">Ethereum (ETH)</a> funds, which saw net withdrawals of $3.2 million.<figure class="media"><oembed url="https://twitter.com/CoinSharesCo/status/1698709608712282513"></oembed></figure>Short-Bitcoin funds &ndash; funds that rise in value as Bitcoin&rsquo;s price falls &ndash; saw outflows of $3.3 million, indicating that bearish speculators are now also taking some chips off the table. &nbsp;On the positive side were funds backed by <a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>, which for the week recorded inflows of $3.8 million from bullish Bitcoin investors.The inflows mark a strong improvement from the week before when Bitcoin funds saw outflows of more than $149 million, and two weeks earlier when <a href="https://cryptonews.com/news/crypto-investors-pull-out-55-million-amid-doubts-over-bitcoin-etf-approval.htm">Bitcoin outflows stood at $42 million</a>.For the past seven weeks, the total outflows from all crypto funds as a whole now stand at 342 million.<figure class="image"><img src="https://cimg.co/news/124255/328027/flows-by-asset.jpg" srcset="https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_1348_922.jpg 1348w, https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_1200_821.jpg 1200w, https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_900_616.jpg 900w, https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_720_492.jpg 720w, https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_600_410.jpg 600w, https://cimg.co/news/124255/328027/responsive-images/flows-by-asset___media_library_original_300_205.jpg 300w" width="1348" class="content-img" alt=""><figcaption>Source: CoinShares</figcaption></figure>While flows overall were little changed, trading volumes did tick up over the week, coming in at a weekly total of $2.8 billion.The figure is 90% above the year-to-date average, which hints at increased interest in crypto among investors, possibly as a result of the <a href="https://cryptonews.com/news/6-bitcoin-etf-applications-delayed-so-far-blackrock-rumored-to-be-next-fidelity-wisdomtree-valkyrie-vaneck-bitwise-invesco.htm">drama around a potential spot Bitcoin exchange-traded fund</a> (ETF).Commenting on the weekly flows, CoinShares&rsquo; analyst James Butterfill wrote in the report that the inflows for Bitcoin could be a sign that negative sentiment is &ldquo;on the turn.&rdquo;&ldquo;Year-to-date digital asset investment products remain in a net inflow position,&rdquo; the report said, adding that the year so far has been &ldquo;beset with large gyrations of investor flows, very much driven by the hopes and concerns for regulation on digital assets.&rdquo;&ldquo;Last week exemplified this, beginning the week investors had high hopes for a spot ETF approval in the US, only to be <a href="https://cryptonews.com/news/6-bitcoin-etf-applications-delayed-so-far-blackrock-rumored-to-be-next-fidelity-wisdomtree-valkyrie-vaneck-bitwise-invesco.htm">quashed by the announcement of a delay</a> for all other spot ETF applications,&rdquo; the report said.
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Bitcoin Defies Trend as Crypto Funds Experience $342 Million Outflow Streak

Cryptonews.com

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