Crypto funds break six-week inflow streak amid profit taking - report

Digital asset funds ended last week with outflows of $30M, snapping a six-week streak of inflows, as cryptocurrency prices retreated markedly during the period, CoinShares reported Monday. The outflows, the report said, started on April 14 when bitcoin ( BTC-USD ) reached the key technical mark of $30K, "suggesting the most recent sell-off was a result of profit-taking, particularly in the absence of any macro-economic triggers." The token continued to face downward pressure on Monday, changing hands at $27.31K as of shortly before 12:00 p.m. ET, but Mercuryo Chief Product Officer Andrey Ilinsky made the case for a $35K price tag by the end of Q2 provided its year-to-date trend of higher lows are sustained. Bitcoin ( BTC-USD ) products last week saw outflows of $53M, while short-BTC funds saw "very minor inflows" of $1.5M, CoinShares noted. By comparison, BTC experienced inflows totaling $310M in the prior four weeks. Ethereum ( ETH-USD ), meantime, helped to offset the magnitude of total crypto outflows, having logged inflows of $17M. "These inflows suggest there is increasing confidence amongst investors following the successful implementation of the Shapella upgrade," CoinShares said . "Interestingly, the inflows were solely from Europe." More on BTC and ETH Sell Bitcoin In May And Go Away (Until It Crosses This Moving Average) It's Been A Bad Week For Bitcoin Ethereum rallies to eight-month high in wake of successful Shanghai upgrade What's Next For Ethereum After Its Shapella Upgrade?