Crypto funds shrink to lowest since 2021
Crypto fund assets under management fell to the lowest since July 2021 last week because of the recent price crash in cryptocurrencies and equity markets that has been partly driven by the U.S. Federal Reserve's move to reduce its balance sheet starting next month. ![]()
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Digital asset investment products saw $141 million in outflows during the week ending on May 20, a move that reduced the total assets under management (AUM) by institutional funds down to $38 billion, the lowest level since July 2021. ![]()
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Confidence in crypto has been flailing given both retail and institutional investors that got into crypto over the past year are deeply in the red."
—— said Edward Moya, senior market analyst at the trading platform Oanda.
Despite the sizable outflow, the month-to-date $Bitcoin (BTC.CC)$ flow for May remain positive at $187.1 million, while the year-to-date figure stands at $307 million. ![]()
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Bitcoin crashed to as low as $25,892 on the week of May 9, the lowest since December 2020. Since then, bitcoin has recovered somewhat and stabilized around the $30,000 level. As of press time it was changing hands around $29,737.
Out of all the assets covered, $Ethereum (ETH.CC)$ has seen the worst performance so far this year with $44 million worth of outflows in the month of May bringing its year-to-date figure to $239 million. ![]()
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The declining interest in digital asset investment products comes amid the backdrop of a strengthening dollar, which has been one of the most important macro factors driving asset prices over the last six months."
—— Cryptocurrency market intelligence firm Delphi Digital
Source：Yahoo, Cointelegraph
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