According to the report published by CoinShares at the beginning of each week, crypto money mutual funds took a sell position for the fourth week in a row.
While the decline in the crypto market in the second week of May coincided with the outflow of funds, $ 54 million worth of mutual funds were withdrawn from the market within a week, according to the data.
"The outflows in crypto funds have been widespread. This demonstrates that negative expectations were not considered by just a few investors."
Which Funds Sold?
Grayscale, currently the largest fund by fund-based balance sheet, has been dormant this week. Noticeable sales came from US-based ProShares and Canada's 3iQ Corp. While the ProShares crypto fund exited $ 10 million, this figure was limited to $ 2.3 million in the Canadian fund.
Other crypto funds not included in the list made $38.3 million in sales.
When we look at the cryptocurrency-based fund flow, institutional investors mostly sold Bitcoin. While funds sold $37.5 million worth of BTC on a weekly basis, there was no significant movement in cryptocurrencies such as Ethereum, Solana, Tron.