Cryptocurrencies post record outflows in first week of 2022
Cryptocurrency investment products and funds had net outflows last week, totaling a record $ 207 million, a report from digital asset manager CoinShares showed on January 10, as prices continued to tumble in the first trading week of the year. The sector has experienced four consecutive weeks of outflows since mid-December, reaching a total of $ 465 million, or 0.8 percent of total assets under management. Bitcoin, the world’s largest cryptocurrency in terms of market capitalisation, posted outflows of $ 107 million in the week to January 7. Ethereum-based products had outflows of $ 39 million last week, posting five straight weeks of outflows with a total of $ 200 million. CoinShares said on a proportional basis, Ethereum’s outflows were 1.4 percent of total AUM, higher than that of bitcoin. Over the last four weeks, Coinshares noted there has been greater investor activity than usual.(Reuters)
