Crypto investment funds saw moderate outflows last week after six consecutive weeks of inflows.
What Happened: Bitcoin BTC/USD investment products saw $21 million worth of outflows and Short Bitcoin funds saw $2.6 million worth of inflows, as per CoinShares weekly fund flows report on digital assets.
Meanwhile, funds focused on the leading altcoin Ethereum ETH/USD saw $100,000 worth of inflows.
Altcoins like Cardano ADA/USD and XRP XRP/USD saw $200,000 worth of inflows each, while Tron TRX/USD recorded $100,000 worth of inflows.
“It is difficult to discern if this is a meaningful change in sentiment given its small size, although minor outflows were seen across a broad set of providers,” wrote CoinShares head of research James Butterfill.
“It also comes at a time of low trading volume and a recovery in prices suggesting there could be an element of minor profit taking,” he added.
Bitcoin Fear and Greed Index is 46 — Neutral
Current price: $24,434 pic.twitter.com/RqkBNlmggS
— Bitcoin Fear and Greed Index (@BitcoinFear) August 13, 2022
The Bitcoin Fear and Greed index – an indicator used to measure sentiment in the crypto market – entered “neutral” territory over the weekend, after spending weeks in the “fear” and “extreme fear” zones.
Market sentiment improved following a move from BlackRock Inc BLK announcing a private trust for institutions to gain spot exposure to Bitcoin.
See Also: IS BITCOIN A GOOD INVESTMENT?
Price Action: At press time, BTC was trading at $24,000, down 0.98% over the last 24 hours, as per data from Benzinga Pro. ETH was trading at $1,883, down 2.7% over the same period.