Institutional funds are leaving the crypto sector at an accelerating pace as markets continue their retreats.
Digital asset manager CoinShares broke down the numbers in its weekly digital asset fund flows report released on May 3.
“This doesn’t reflect the same bearishness seen at the beginning of this year, although it is close to the $467m outflows witnessed.”The majority of those outflows were from Bitcoin-based funds resulting in the largest single week of outflows since June 2021, with $133 million exiting BTC funds. Most of the altcoin-based funds also retreated, but multi-asset funds bucked the trend with a $1.9 million inflow for the period. There were also minor inflows for Terra and Fantom-based products. Only funds based on the FTX token saw measurable inflows with $38 million, CoinShares reported.
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