Cryptocurrency holders withdrew a record $ 1.43 billion from crypto funds in a week

From August 16 to August 22, investors withdrew $ 1.43 billion from crypto funds, the largest outflow since March, CoinShares reported in its latest report. The reason was the increased level of uncertainty ahead of the US Federal Reserve’s decision.

At the beginning of the week, the market lost about $ 2 billion due to pessimism. However, Fed Chairman Jerome Powell’s speech at a symposium in Jackson Hole partially reassured investors: inflows to funds amounted to $ 594 million. At the same time, the total trading volume of exchange-traded funds rose to $ 38 billion, 50% higher than the annual average.

Ethereum-ETFs suffered the largest losses — $ 440 million over the week. However, since the beginning of August, these products have managed to attract $ 2.5 billion. For comparison, bitcoin-based funds recorded net outflows of $ 1 billion over the same period. On an annualized basis, the share of inflows to Ethereum-based structures is 26% of all assets under management, while bitcoin accounts for only 11%.

Among the altcoins, funds based on XRP XRP $2.91 XRP -1.06% Market capitalization $172.96 billion VOL. 24 hours $0.47 billion ($ 25 million), Solana SOL $188.43 Binance-Peg SOL -4.23% Market capitalization $0.21 billion VOL. 24 hours $1.17 billion ($ 12 million), and Cronos ($ 4.4 million) showed positive dynamics. At the same time, products focused on Sui SUI $3.41 Sui -1.50% Market capitalization $11.98 billion VOL. 24 hours $0.2 billion and Toncoin TON $1.35 Tokamak Network -1.84% Market capitalization $72.07 million VOL. 24 hours $21.13 million experienced outflows of $ 12.9 million and $ 1.5 million, respectively.

A week earlier (August 9−15), crypto funds raised a record $ 3.75 billion, of which $ 2.8 billion came from Ethereum-ETFs.