Altcoins

Bitcoin, Ethereum And Other Altcoins See Minor Outflows From Funds

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.

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.

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