According to a CoinShares report, more than $102 million was pulled out of digital asset funds last week.
After weeks of inflows in digital asset funds, Bitcoin outflows last week were at $57 million, while Ethereum stood at $41 million. Considering the year-to-date outflows, Ethereum is the worst asset, with nearly $386.5 million. Conversely, Bitcoin is still strong, with yearly inflows of almost $450.8 million.
In CoinShares’ report, the flow of funds is attributed to the U.S. Federal Reserve, which is considering a rate hike in order to control the increasing inflation rates. The majority of outflows came from America – $98 million, while Europe is the second with $2 million.
Multi-asset funds experienced outflows of $4.7 million last week. This brings the month-to-date outflows to $3.6 million in total.
ProShares (24.2 million), 21Shares (4.5 million), and Grayscale (0.3 million) reported inflows last week. On the other hand, 3iQ (-72.1 million) and Purpose (-43.4 million) have ended up on the negative side.
Total assets under management (AUM) have shrunk to $1.9 billion, which is a 54% fall since their peak in November last year.