In a surprising move, investment funds based on other altcoins failed to follow in the footsteps of crypto giants, with Solana, XRP, Cardano, and Litecoin witnessing inflows during the week. The latest weekly report on digital asset investment funds by CoinShares depicts a trend of weaker investment sentiment among institutional investors. After witnessing three consecutive weeks of inflows, crypto investment funds recorded an outflow of $147 million last week. Unsurprisingly, the majority of these outflows were concentrated in Bitcoin, while Ethereum followed closely behind as the second-largest contributor to the losses. 

Bitcoin And Ethereum Products Bleed With Outflows

Last week proved to be quite eventful for the price action of many cryptocurrencies, and data shows this trend was echoed in their associated investment funds. Bitcoin and Ethereum, which ended September on a positive note, started October on a not-so-favorable one. This trend was also reflected among institutional investors, who dialed back on their investments.

Consequently, digital asset investment funds, which were coming from a $1.2 billion inflow the previous week, failed to attract much inflows last week. As such, their net flows reversed into a negative zone and ended the week at a negative $147 million. According to CoinShares, this was mostly due to higher-than-expected economic data last week, which reduced the possibilities of a further rate cut by the Fed. 

Bitcoin ended the week with an outflow of $159 million. Most of these outflows were recorded through Spot Bitcoin ETFs in the US, which ended the week at $301.5 million in outflows. Ethereum-based

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Author: Scott Matherson