Investors in digital asset funds are bearish on Bitcoin (BTC): as per Coinshares, some of them rebalanced their portfolios in favor of major altcoins.
Bitcoin (BTC) investors are switching to multi-crypto products
As per CoinShares' Digital Asset Fund Flows Weekly Report 81, cryptocurrency-based integral investment products (ETFs) are witnessing massive outflows of capital.
[1/4] This week's Digital Asset Fund Flows Report is now available! Written by @jbutterfill, the headline for this week is: Outflows of US$141m, investors seek refuge in multi-crypto investment products Here are the highlights ->— CoinShares ?? (@CoinSharesCo) May 23, 2022
In the last seven days, net withdrawals exceeded $141 million. Purpose ETFs witnessed whopping $150 million outflows while the majority of other funds remained almost untouched.
This is the second largest weekly outflow in the turbulent year of 2022. The net equivalent of money locked in crypto-based funds dropped to $38 billion, which is the lowest point since July 2021.
At the same time, some instruments of this segment closed last week with positive results: multi-crypto products added $9.7 million to their balances.
Crypto Fear and Greed index plummeting again
Among single-asset altcoin-centric products, Cardano (ADA) and Polkadot (DOT) based funds are leaders: they managed to attract $1 million each. Funds on SOL, LTC and XRP also increased their AUM.
Meanwhile, despite Bitcoin (BTC) changing hands at $30,500, or almost 2.5% up in 24 hours, its "Fear and Greed" index by Alternative.me returned to 10/100.
This level means "Extreme Fear"; prior to the drop, it was surging for five days in a row.