Crypto asset fund, record outflow | coindesk JAPAN

Outflows from crypto assets (virtual currency) funds reached record levels last week.

Outflows hit $255 million last week, representing a fifth straight week of outflows, or 1% of assets under management (AUM), according to a report released by CoinShares on Wednesday. Most of the outflows were from Bitcoin (BTC) funds, with a net outflow of about $244 million.

“While outflows are among the largest ever, the largest outflow as a percentage of assets under management occurred in May 2019,” the report states. In May 2019, the outflow was $52 million, equivalent to 1.9% of AUM.

The outflow of funds means that investors’ concerns about the health of the US banking sector have spread, with cryptocurrency-friendly Silvergate Bank falling into voluntary liquidation and Silicon Valley Bank and Signature Bank failing.

According to CoinShares, last week’s outflows wiped out the inflows seen at the beginning of the year, bringing the year-to-date outflows to $82 million.

｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinShares
｜ Original: Crypto Fund Outflows Hit Record Weekly Level