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Investors Add to Altcoin Funds as Bitcoin Outflows Mount
Digital-asset funds focused on Cardano and other altcoins have attracted fresh capital.
Bitcoin investment products recorded their eighth consecutive week of outflows, totaling $3.8 million, but alternative coin (altcoin) funds continued to attract fresh capital, according to a report Monday.
Overall, crypto funds netted inflows totaling $24 million during the week ending Aug. 27, down about $3 million versus the prior week, according to the report by digital asset investment manager CoinShares.
STORY CONTINUES BELOW
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- Altcoins, or cryptocurrencies other than bitcoin, now represent 32% of total digital assets under management, close to the record 35% set in mid-May.
- Cardano-focused funds saw inflows totaling $10.1 million over the past week, as the price of its associated cryptocurrency ADA doubled over the past month.
- Ethereum funds saw inflows totaling $17 million last week, with a relatively stable digital asset fund market share of about 25%, according to CoinShares.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
