On May 15, European cryptocurrency investment firm CoinShares released its latest “digital asset fund flow report.” clearly Digital asset investment products continued to outflow for a week, with a total of $54 million outflowing from the market. This would result in a “total outflow of US$200 million, representing 0.6% of total assets under management (AuM),” CoinShares reported.
A $38 million outflow from Bitcoin (BTC) funds has been confirmed, according to the report. Total BTC outflows over the past four weeks reached $160 million, accounting for 80% of all outflows. Additionally, when combined with outflows from short Bitcoin positions, the total outflows related to this asset alone reached $201 million. These numbers strongly highlight that recent investor activity is overwhelmingly focused on Bitcoin.
The report also noted $7 million in outflows from multi-asset investments in the past week. However, there has been a notable development, with inflows observed across eight different altcoin assets, suggesting investors are becoming “more adventurous and selective” in their investment choices.
Among the altcoins, funds related to Cardano (ADA), Tron (TRX) and Sandbox (SAND) attracted small inflows of less than $1 million each. Binance (BNB) was the only altcoin to witness the outflow.
RELATED: Analyst Maintains $40,000 BTC Price Target, Bitcoin Shows ‘Good Signs’
A recent study conducted by Bloomberg’s Markets Live Pulse found that Bitcoin could emerge as one of the top three assets alongside gold and Treasuries in the event of a theoretical default in the US. It is shown. This suggests that appetite for bitcoin as “digital gold” could emerge if investors question Washington’s ability to avoid a default in the long run.
Magazine: $3.4 Billion Bitcoin in a Popcorn Can: A Silk Road Hacker Story