Cryptocurrency-based integral investment products (ETFs) are seeing enormous withdrawals of cash, according to CoinShares Digital Asset Fund Flows Weekly Report 81.
Coinshares tweeted the following:
Net withdrawals in the last seven days totaled $141 million. Purpose ETFs saw massive outflows of $150 million, while the majority of other funds were almost unchanged. In the tumultuous year of 2022, this is the second highest weekly outflow. The value of money held in crypto-based funds has decreased to $38 billion, the lowest level since July 2021.
Simultaneously, certain instruments in this area had a positive week last week, with multi-crypto products adding $9.7 million to their holdings. Cardano (ADA) and Polkadot (DOT) based funds are the market leaders among single-asset altcoin funds, each attracting $1 million. SOL, LTC, and XRP funds all saw their AUM rise.
Meanwhile, despite Bitcoin (BTC) trading at $30,500, up over 2.5 percent in 24 hours, Alternative.me’s “Fear and Greed” score has reverted to 10/100. This level denotes “Extreme Fear,” and it has been soaring over the last five days.
Read more: CoinShares announces its physically-backed exchange-traded product (ETP)
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