Crypto funds fix record outflow of $255 million in one week

Eva Homicio

Cryptocurrency

Cryptocurrency © pixabay.com

Crypto Funds fix Record Outflow of $255 Million in One Week. From March 4th to March 10th, the outflow of funds from cryptocurrency investment products hit an all-time high of $255 million, up from $17 million the previous week.

According to CoinShares, this negative trend has been going on for five consecutive weeks now. The $255 million figure represents 1% of the total assets under management, and brings the indicator back to year-start levels. The last time such a significant relative decline in managed assets occurred was in May 2010, and since then, the amount of assets has grown by 861%.

Investors withdrew $244 million from traditional bitcoin funds, up from $20.1 million the week before. Outflow from structures that allow short positions in the first cryptocurrency amounted to $1.2 million, down from a $1.8 million inflow in the previous reporting period.

Altcoins saw mixed dynamics. Investors withdrew $11 million and $0.3 million from products based on Ethereum, Litecoin, and Tron, respectively. Funds based on Solana attracted $0.4 million, and XRP received $0.3 million.

On March 13th, the announcement from the US Treasury and the Federal Deposit Insurance Corporation caused bitcoin to exceed $22,000.

Reference: Cryptocurrency funds are investment funds that invest in cryptocurrencies or combine them with investments in other assets. Their goal is to maximize profits by managing the funds of their depositors. They invest in crypto projects or initial coin offerings. 

A team of professional analysts, traders, miners, equipment specialists immerse themselves in market research, make forecasts and make investments based on them. Investors do not need to independently study the cryptocurrency market, follow trends, make buying or selling decisions.

Related Content

Crypto -

What is cryptocurrency - a simple explanation that even a schoolchild can understand

Cryptocurrency is a type of digital currency that uses encryption for secure transfer and verification of transactions. Cryptocurrencies are not controlled by governments or financial institutions, and their transactions can be anonymous.
Do Kwon
Crypto -

Terraform Labs co-founder arrested! Accusations pour in from all sides

Yesterday, March 23, Do Kwon, the co-founder of Terraform Labs, was detained in Montenegro. Shortly after, the New York prosecutor's office filed fraud charges against him
Crypto -

NASDAQ launches crypto custody service

Recently, the NASDAQ exchange group announced its preparation for the launch of a new cryptocurrency custody service. This is the company's first serious step into the cryptocurrency market.
Crypto -

Meta is winding down its NFT program

Stephane Kasriel, head of Meta's commercial department, has announced the winding down of the NFT program. Experts will focus on other ways to support authors and artists.
Business -

10 richest people in the world in 2023 - who they are and how they made their fortune

As of 2023, the world's 10 richest people have a combined net worth of over $1 trillion, an amount that exceeds the GDP of many countries. Let's take a look at who these individuals are and how they made their fortunes.