Digital asset manager CoinShares broke down the numbers in its weekly digital asset fund flows report released on May 3.
Capital has soared from major crypto asset funds for four consecutive weeks, and the total for the past seven days was $120.1 million. The total for the 4-week run was $339 million, according to the report.
There were similar outflows at the beginning of the year, but CoinShares said it has not been as bad just yet.
“This does not reflect the same downtrend seen at the start of this year, although it is close to the $467 million outflows seen.”
Bitcoin Funds Battered
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.
The researchers said it was difficult to pinpoint the exact reason for the exodus outside of the “US Federal Reserve’s hawkish rhetoric” and recent declines in the asset’s price.
Ethereum funds also saw outflows totaling $25 million last week, it added. So far this year, only five weeks have seen Ethereum outflows, and the year-to-date figure is $194 million.
Most altcoin-based funds also fell, but multi-asset funds bucked the trend with an inflow of $1.9 million for the period. There were also minor entries for Terra and Fantom based products. Funds based on the FTX token alone saw measurable inflows of $38 million, CoinShares reported.
Geographically, things were evenly split, with the Americas comprising 41% and Europe 59% of the outflows. The ProShares group lost the most with $91 million leaving their funds, while ETH Group and 21Shares lost $35.5 million and $32.5 million, respectively. Purpose bucked the trend with an inflow of $54.7 million.
Year-to-date total fund inflows are still in positive territory, however, at $270 million with current sentiment, that number is declining. CoinShares itself posted a drop in total revenue for the first quarter of 42%.
Crypto Markets Keep Falling
Total crypto market capitalization has fallen to its lowest level since mid-March, according to CoinGecko. The big figure currently stands at $1.81 trillion, having lost a further 1.2% over the past 24 hours.
Bitcoin fell below $38,000 earlier in the day after losing a similar percentage, and Ethereum is now just below $2,800, after losing 1.8% on the day. All of the top twenty altcoins are in the red at the time of writing except for NEAR, which is up 2.7% on the day.
