Investors add to Altcoin funds as Bitcoin outflows mount

Bitcoin (BTC, 0.34%) investment products recorded their eighth consecutive week of outflows, totaling $3.8 million, but alternative coin (altcoin) funds continued to attract fresh capital, according to a report Monday.

Overall, crypto funds netted inflows totaling $24 million during the week ending Aug. 27, down about $3 million versus the prior week, according to the report by digital asset investment manager CoinShares.

• Altcoins, or cryptocurrencies other than bitcoin, now represent 32% of total digital assets under management, close to the record 35% set in mid-May.

• Cardano-focused funds saw inflows totaling $10.1 million over the past week, as the price of its associated cryptocurrency cardano (ADA, 1.54%) doubled over the past month.

• ethereum (ETH, 7.95%) funds saw inflows totaling $17 million last week, with a relatively stable digital asset fund market share of about 25%, according to CoinShares.

Crypto fund assets under management (Source: CoinShares)