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Ethereum Funds Saw $11 Million Worth of Outflows Last Week

Tue, 05/31/2022 - 19:04
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Alex Dovbnya
Ethereum funds had an underwhelming week, according to data provided by CoinShares
Ethereum Funds Saw $11 Million Worth of Outflows Last Week
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Ethereum funds saw $11.6 million worth of outflows last week, according to data provided by cryptocurrency asset manager CoinShares. Its outflows have now topped a quarter of a billion dollars since the start of 2022.  

Algorand funds, for comparison, saw a record-breaking $20 million worth of inflows.  

Overall, digital asset investment products attracted $87 million, with Bitcoin-centered funds accounting for the vast majority of the sum ($69 million). Last week, cryptocurrency funds saw $141 million worth of outflows.   

CoinShares
Image by blog.coinshares.com

North America was far ahead of Europe in terms of total inflows last week ($72 million and $15.5 million, respectively).  

Solana comes in third place with $1.8 million worth in follows. It is followed by funds that track Tron and Polkadot ($400,000 and $300,000), respectively.  

Due to the recent market correction, total assets under management have now shrunk to the lowest point in almost a year.

Grayscale, the largest cryptocurrency asset manager, has an AUM of $24.5 billion.
 
Overall, cryptocurrency funds have already attracted $520 billion worth of inflows since the start of this tumultuous year.
Cryptocurrency prices have significantly rebounded this week after a two-month sell-off.

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The price of Bitcoin is currently sitting just above the $32,000, adding nearly 7% within the last week.

Ether is still in the red over the last week, but it is now close to regaining the psychologically important $2,000 level.

The cryptocurrency market is currently valued at $1.31 trillion, according to CoinMarketCap data.

Considering that Short Bitcoin saw nearly $2 million worth of inflows, the market remains bearish, according to CoinShares.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.