Investors redeemed a net $141 million during the seven days through June 4, the highest weekly total on record, according to CoinShares.

Bitcoin-focused investment funds suffered record redemptions by investors last week after May’s price drop soured sentiment on the largest cryptocurrency by market value.

Investors redeemed a net $141 million from bitcoin (BTC, -0.74%) funds during the seven days through June 4, the highest weekly total on record, according to the report from CoinShares, a digital-asset manager. The amount represents about 8.3% of net inflows recorded earlier in the year.

In May, most digital asset funds experienced net outflows when the bitcoin price suffered a near 30% correction.

Investor sentiment has remained broadly negative, although there could be signs the worst is over as investors diversify within the crypto space, according to the CoinShares report.

Investors have shown interest in funds focused on alternative cryptocurrencies including ether (ETH, +0.55%), XRP (-0.3%) and cardano (ADA, +0.34%).

  • Investors plowed $33 million into funds focused on ether, the native cryptocurrency of the Ethereum blockchain.
  • Inflows to XRP funds totaled $7 million, the largest amount since April.
  • Cardano and multi-asset products saw inflows of $4.5 million and $2.7 million respectively, according to CoinShares.

Overall, digital asset funds suffered net outflows totaling $94 million during the week.

 

 

All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Key indicator suggests the worst is yet to come for Bitcoin as it gets closer to capitulation

Bitcoin is trading at a price further away from the average price at which coins moved on the network. The recent price action hints at a bearish trend typically aligned with capitulation events. Institutional investors are wary, suggesting BTC may drop further. 

More Bitcoin News

Shiba Inu price reverting to mean with 33% climb

Shiba Inu price is currently experiencing a pullback after failing to set up a higher high. While this is demeaning in the short term, it does not impact the bullish outlook negatively.

More Shiba Inu News

Solana price ready to liquidate early buyers before SOL enters 40% rally

A brief technical and on-chain analysis on Solana price. Here, FXStreet's analysts evaluate where SOL could be heading next as it seems bound for a correction before higher highs.

More Cryptocurrencies News

Tezos upside potential is uncertain as XTZ faces massive resistance

A brief technical and on-chain analysis on Tezos price. Here, FXStreet's analysts evaluate where XTZ could be heading next as it seems capped by a crucial resistance area.

More Tezos News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP