“Lettuce Hands” Refers To Investors Who Can’t Deal With The Volatility Of The Cryptocurrency Markets
The $275 billion company has filed an SEC amendment to allocate over $500 million from the Macro Opportunities fund to Grayscale’s GBTC. “Lettuce Hands” Refers To Investors Who Can’t Deal With The Volatility Of The Cryptocurrency Markets
An SEC filing on Friday indicates that the next Wall Street institution to take a public position in Bitcoin may also be among the largest yet: the $275 billion financial services firm Guggenheim Partners.
The Guggenheim filing allows the Macro Opportunities fund to purchase GBTC, a publicly-traded Bitcoin investment vehicle from Grayscale, at an indeterminate point in the future.
“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”),” the filing reads.
According to independent ratings firm Morningstar, the Guggenheim Macro Opportunities fund currently has $5.3 billion in assets under management and sports a four-star rating “based on risk-adjusted returns out of 270 Nontraditional Bond funds.”
Guggenheim describes the overall fund strategy for the institutional-grade shares (ticker: GIOIX) as a product of the investment team’s “highest-conviction ideas.” If the fund were to take the full 10% stake in GBTC, it would be worth north of $500 million.
The filing also notes a long list of potential investor risks associated with cryptocurrencies, which it refers to as “digital assets designed to act as a medium of exchange.” Risks include lack of cryptocurrency exchange regulation, GBTC’s historical “significant premium” to net asset value, and uncertainty regarding tax laws and regulations, among others.
This preparatory move by Guggenheim appears to be part of a cascading series of investments indicating increased acceptance of Bitcoin among major financial institutions. In August, business intelligence firm Microstrategy purchased nearly 40,000 Bitcoin, leading to a parabolic move in share price. Likewise, financial services firm Square, Inc bought $50 million in Bitcoin in October.
2016: The institutions are coming!
2017: The institutions are coming!
2018: The institutions are coming!
2019: The institutions are coming!
2020: The institutions are here!
2021: Dammit, the institutions bought all the #Bitcoin
— Jon Rice (@JonRiceCrypto) October 17, 2020
Guggenheim CIO: ‘Speculative Frenzy’ To Die Down, But $400K Target Still On
While some traders have gotten mixed signals, Guggenheim’s Scott Minerd is taking the long view.
In an interview with Bloomberg Markets on Friday, Guggenheim Partners’ chief investment officer Scott Minerd clarified his seemingly contradictory views on Bitcoin’s potential, and revealed that select Guggenheim private funds have invested in the cryptocurrency.
Minerd, who oversees Guggenheim’s $275 billion in assets under management, called for a sky-high $400,000 price target for Bitcoin in an interview late last year — easily among the loftiest price predictions from a major institutional head — but more recently said in a Tweet last week that the market may be overheated. The about-face even prompted some playful accusations of market manipulation.
As Minerd said on Friday, however, his long term bullish price target remains intact while a bearish pullback may still be in the cards.
Bitcoin’s parabolic rise is unsustainable in the near term. Vulnerable to a setback. The target technical upside of $35,000 has been exceeded. Time to take some money off the table.
— Scott Minerd (@ScottMinerd) January 11, 2021
“One thing we’re seeing is a sudden interest in retail […] a lot of the crypto outlets are being overwhelmed, they’re starting to limit the orders because they can’t handle the demand.”
Once such instance is eToro, who recently warned of buyer limitations starting this weekend. Minerd noted that such strong demand might be a sign of a short term overextended rally, but the narrative winds are ultimately shifting in Bitcoin’s favor.
“The other side of that is demonstrating that crypto is becoming much more mainstream. The $400,00 price I talked about was based off the supply of gold in the world, and Crypto in a lot of ways is more attractive than gold.”
Minerd noted benefits such as portability and ease-of-transactions with Bitcoin relative to physical bullion.
When asked about if any Guggenheim funds have made the leap into Bitcoin, Minerd said “I don’t think we’re effected yet for any of our mutual funds,” though the company would consider allocations if client demand picks up.
However, he did reveal smaller private Guggenheim funds have made the leap.
“In some of our private funds we’ve already purchased it. […] I recommended to somebody, if you believe what I said that it’ll go to 400,000 eventually, 2% of your portfolio will be 20% before this is all over.”
Part of Minerd’s bullishness is rooted in a long-term historical analysis. Earlier in the interview he noted that “we could be entering a golden age” and that “there have been comparisons made to the 1920s after the Spanish influenza.”
Ultimately, he expects significant retail funds to flow into the markets following the covid pandemic — a pool of money that may buoy crypto as well.
Guggenheim Says Institutional Demand Not Enough To keep BTC Above $30K
Guggenheim CIO Scott Minerd has made another bearish prediction for short term Bitcoin prices.
Guggenheim’s Scott Minerd has come out with another gloomy price outlook for Bitcoin stating that there is not enough institutional demand to keep the asset over $30,000.
The chief investment officer of the financial services firm told Bloomberg Television the institutional investor base was not big enough to sustain the current prices.
“Right now, the reality of the institutional demand that would support a US$35,000 price or even a US$30,000 price is just not there. I don’t think the investor base is big enough and deep enough right now to support this kind of valuation.”
Minerd added that Bitcoin is still a viable asset class in the long run. Since its all-time high of $42,000 on January 8, Bitcoin has corrected 27% to current prices around $30,600. Three prominent lower highs on the chart suggest that the downtrend is strengthening.
The Guggenheim executive also thinks that this downward pressure has a lot further to go, adding that it is “not uncommon to see squeezes like this”:
“Now that we have all these small investors in the market and they see this kind of momentum trade, they see the opportunity to make money and this is exactly the sort of frothiness that you would expect as you start to approach a market pop.”
On January 20, Minerd told CNBC that he expects prices to fully retrace back to $20,000. If this scenario plays out, it would entail a correction of more than 50%, and that has happened several times during previous market cycles. The last time BTC fell by over half was in March 2020 when it dropped from just over $10,000 to below $5,000 in just three weeks.
Guggenheim has not changed its stance on the long term outlook for Bitcoin, however, with Minerd stating in December that the firm’s fundamental work has shown that Bitcoin could be worth about $400,000.
As Bitcoin approaches this psychological support level at $30,000, the imminent expiry of $4 billion in BTC options could favor the bulls according to analysts.
Guggenheim CIO Under Fire For The Timing Of His Changing BTC Sentiment
The CIO of Guggenheim is under fire on social media for expressing different views about Bitcoin, seemingly on either side of a big investment.
Guggenheim CIO Scott Minerd’s apparent shift from bullish to bearish and back again on either side of an SEC filing pertaining to a half billion dollar investment in BTC has been raising eyebrows on social media.
The observation was made after approximately $500 million in BTC was moved from Coinbase into a series of private wallets on Jan. 31, which corresponds with an amount and effective date in a SEC filing by Guggenheim Funds Trust.
I looked in to the 14K $BTC transaction from earlier
Split over 8 nicely mixed wallets, with some outputs going to a bunch of other non related wallets
— //Bitcoin ack (@BTC_JackSparrow) February 1, 2021
Prior to the filing, Minerd hit the headlines on Jan. 21, when he tipped BTC would see a “full retracement back toward the 20,000 level,” and that it was unlikely to head any higher before 2022.
In an interview with Bloomberg Television on Jan. 27, he said that institutional demand for Bitcoin was not high enough to keep it above $30k.
But since Jan 31, Minerd has significantly broadened his high end price estimation for Bitcoin, claiming it has the potential to reach $600,000 in an interview with CNN on Tuesday, based on its scarcity and the value of gold.
This was up from his December estimation, based on research and analysis by Guggenheim Partners, that suggested Bitcoin’s fair price in the long term to be around $400,000.
Believing they were witnessing a wide discrepancy in publicly aired sentiment that may have consciously been of benefit to Guggenheim, many took to Twitter and Reddit to highlight Minerd’s seemingly contrary statements, as well as their timing and significance.
Remember Guggenheim wants you to sell #bitcoin so they may buy lower. Been trying to scare the market into thinking price will crash to $20,000, even though they think its worth $400,000. https://t.co/B4woO5ULcW
— Alex Krüger (@krugermacro) February 1, 2021
Some labelled it manipulation and others “FUD” although there’s no evidence Minerd isn’t simply responding to fast moving events in the cryptocurrency markets.
“I’ve been saying this all along,” said user Asher68W on Twitter. “Guggenheim started buying Bitcoin in December. “When the price increased in January, Minerd trashed BTC on media to keep the price down until finished buying.”
A $275 billion financial services company, Guggenheim Partners made the decision to invest in Bitcoin public with the filing of a SEC amendment in Nov. 2020, in which $500 million was to be allocated for an investment in Grayscale Bitcoin Trust.
A request for comment from Guggenheim Investments, the global asset management division of Guggenheim Partners, did not receive an immediate response.
Guggenheim CIO Repeats $20K Bitcoin Price Forecast As BTC Doubles Since Last Warning
Scott Minerd seems convinced that a huge price correction is imminent as industry names line up to disprove him.
The chief investment officer of investment giant Guggenheim has repeated his warning that Bitcoin (BTC) will crash to $20,000.
In an interview with CNBC on April 20, Scott Minerd warned again that Bitcoin could lose half of its value in a pullback.
Familiar Bitcoin Bear Target Resurfaces
“Given the massive move we’ve had in Bitcoin over the short run, things are very frothy, and I think we’re going to have to have a major correction in Bitcoin,” Minerd told the network.
Bitcoin lingered near $55,000 on April 21, having bounced off $52,000 in the latest pullback of its 2021 bull market.
For Minerd, who last claimed in January that BTC/USD would return to $20,000, such an event would form part of a normal market cycle’s ups and downs. His longer-term forecast of $400,000 per Bitcoin still stands, he said.
“I think we could pull back to $20,000 to $30,000 on Bitcoin, which would be a 50% decline, but the interesting thing about Bitcoin is we’ve seen these kinds of declines before,” he continued.
Minerd, who previously garnered controversy over his BTC price remarks, was nevertheless not alone in his bearish near-term prognosis. As Cointelegraph reported, JPMorgan Chase analysts likewise sounded the alarm this week, their concern focused on futures markets.
An Entirely Average BTC Pullback
Reacting, Bitcoin proponents dismissed any idea that deeper losses were inevitable, referencing a combination of factors including strong on-chain indicators.
“Wrong,” Morgan Creek Digital co-founder Anthony Pompliano responded to Minerd.
On Jan. 20, the executive claimed that Bitcoin had put in a price top for the remainder of the year. Since then, BTC/USD has more than doubled.
“In 2017, the average BTC Bull Market correction took 16 days. This most recent pullback has been going on for only 7 days,” popular Twitter account Rekt Capital noted about the current price action.
“So while corrections tend to last a few weeks… They are very short in the grander scheme of the overall Bull Market.”
Guggenheim CIO Scott Minerd Backflips On Crypto, Calling It ‘Tulipmania’
More FUD from the man that said Bitcoin would be worth $600K one day.
In complete 180 on his stance just a few months ago, the global Chief Investment Officer of investment giant Guggenheim has reacted to the crypto market crash by referring to it as ‘Tulipmania’.
It seems like Elon Musk is not the only wealthy person to make a u-turn on their position towards Bitcoin and crypto assets. As late as February, Guggenheim’s CIO Scott Minerd was calling for a long term Bitcoin price of $600,000 based on Guggenheim’s “fundamental research”.
But with markets plunging Minerd alluded to a bubble with his comments earlier today that claimed that “supply has swamped demand”.
Crypto has proven to be Tulipmania. As prices rise, tulip bulbs and #crypto currencies multiply until supply swamps demand at previous market clearing prices.
— Scott Minerd (@ScottMinerd) May 19, 2021
Tulipmania is a phrase derived from a period during the Dutch Golden Age when prices for some bulbs of the fashionable tulip reached extraordinarily high levels, and then dramatically collapsed.
Compound Finance founder Robert Leshner argued that Minerd’s tweet was inaccurate:
“Scott is dead wrong, bordering on financial malpractice. The supply of cryptocurrencies (#Bitcoin) and crypto assets ($ETH, $COMP, etc) does not increase as a function of price. That’s like saying the supply of stocks increases, as demand does.”
Other industry experts also chimed in with crypto YouTuber Lark Davis replying with “wasn’t your company going to invest hundreds of millions into Bitcoin? This comment shows you guys must have done almost no research on the topic, shocking.”
Others speculated that the investment company was trying to push prices down so that they could buy more.
It is not the first time Minerd has flip-flopped with his stance on crypto assets. In January he said that BTC would dump to $20,000 adding that it would go no higher than its price at the time which had just topped $40,000.
The FUD followed Guggenheim’s proposed SEC filing to buy $500 million in BTC with critics arguing it may have been an effort to keep markets low to facilitate cheaper purchases. These bearish statements also came after a declaration in December in which he stated that the asset should be one day worth $400,000.
In April, Minerd was back with his predictions of doom and gloom calling for a return to $20,000 after Bitcoin had already blasted past $50,000. In the weeks that followed the asset went on to reach an all-time high of $65,000 before the inevitable correction began.
The pullback as it stands is currently at 43.5% with BTC hitting an intraday low of $36,700 in late trading on Wednesday, May 19.
Guggenheim’s New Fund May Seek Exposure To Bitcoin, Sec Filing Shows
The new Guggenheim Active Allocation Fund will be a diversified, closed-end management investment fund that may seek investment exposure to cryptocurrencies.
Global investment firm Guggenheim Investments has filed with the United States Securities and Exchange for a new fund that may seek exposure to Bitcoin (BTC).
According to a Tuesday filing, the new Guggenheim Active Allocation Fund will be a diversified, closed-end management investment fund that may seek investment exposure to cryptocurrencies like Bitcoin through cash-settled derivatives instruments.
Such instruments include exchange-traded futures, investment tools offering exposure to BTC as well as other cryptocurrencies through direct investments or indirect exposure such as derivatives contracts, the filing notes.
The company stated that the fund’s exposure to crypto can result in substantial losses to the fund, citing a number of risks associated with the industry:
“Cryptocurrency is a new technological innovation with a limited history; it is a highly speculative asset and future regulatory actions or policies may limit, perhaps to a materially adverse extent, the value of the Fund’s indirect investment in cryptocurrency and the ability to exchange a cryptocurrency or utilize it for payments.”
According to the document, Guggenheim’s chief investment officer Scott Minerd will be responsible for the day-to-day management of the fund’s portfolio alongside assistant CIO Anne Bookwalter Walsh, managing director Steve Brown, and director Adam Bloch.
Last year, Guggenheim placed another SEC filing, stating that its Guggenheim Macro Opportunities Fund may seek investment exposure to Bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust.
Minerd is known for his somewhat mixed stance on crypto and Bitcoin as the executive referred to the crypto market as “Tulipmania” after Bitcoin sank to nearly $30,000 on May 19. Despite comparing the crypto industry to a financial bubble, Minerd is still bullish on Bitcoin in the long term, predicting earlier this year that BTC can potentially hit $600,000.
Guggenheim’s Scott Minerd Says Bitcoin Could Sink To $15K
In February, the now-bearish Minerd said BTC could climb as high as $600,000.
Scott Minerd, the chief investment officer of the multi-billion dollar investment firm Guggenheim Partners, told CNBC on Friday that he thinks that bitcoin (BTC, +1.95%) could bottom out at $10,000 to $15,000 in its latest swoon.
In the interview, Minerd said that investors shouldn’t be “anxious to be putting money in bitcoin right now” and predicted that bitcoin could spend the next few years trading sideways before the market turns bullish again.
In December, Minerd told Bloomberg that his firm’s fundamental analysis put bitcoin at $400,000. Just weeks after that in January, he told CNBC that there wasn’t enough institutional demand to support bitcoin’s then-all-time-high of $41,000 and that it could retrace to $20,000. In early February, he gave CNN his highest price target for bitcoin yet: $600,000.
Subscribe to Crypto Long & Short, our weekly newsletter on investing.
In November, shortly before Minerd’s first bullish price prediction, Guggenheim filed an amendment with the U.S. Securities and Exchange Commission (SEC) to be able to invest up to almost $500 million in bitcoin through the Grayscale Bitcoin Trust (GBTC), which is a unit of Digital Currency Group, CoinDesk’s parent company.
In May, Minerd tweeted: “Crypto has proven to be Tulipomania” – a reference to the Dutch tulip bulb market bubble in the 1600s, when the market crashed after a period of speculation.
Bitcoin ‘Crash’ Risks Taking Its Price Down To $10,000, Minerd Says
The Guggenheim Investments chairman said in an interview with CNBC that he wouldn’t be in a hurry to buy the cryptocurrency.
There’s no reason for investors to buy Bitcoin at the moment, according to Guggenheim Investments Chairman Scott Minerd.
The world’s biggest cryptocurrency is in the midst of a crash that may take it to as low as $10,000, Minerd said in an interview with CNBC.
“When we look at the history of crypto and we look at where we are, I mean, I really do believe this is probably a crash, and you know a crash would mean we’d be down 70-80% which, let’s just say that’s between 10 and 15 thousand,” he said.
Bitcoin is currently trading at around $33,300, about 50% below the record highs above $60,000 that it hit just three months earlier. The tumble in prices has been driven by a slew of factors, including increasing regulatory scrutiny from China to the U.K., the environmental impact of crypto mining and concerns that the asset in general holds no inherent value. Its most outspoken evangelists and skeptics are no closer to a consensus on the outlook.
“Put it this way, I wouldn’t be in a hurry to buy Bitcoin and I don’t see any reason to own it right now,” Minerd told CNBC. “If you’re going to be a speculator, speculate that it’s heading lower.”
Minerd wasn’t always a Bitcoin bear. Back in December, he told Bloomberg News that it should be worth “about $400,000.”
But in May, Minerd tweeted that “crypto has proven to be Tulipmania,” referring to the 17th century speculative bubble involving prices for tulip bulbs.
And late last month he had another ominous prediction: “Look for more declines in crypto as Bitcoin breaks through support,” he tweeted. “Next likely support level is $20,000.”
Guggenheim’s Scott “Lettuce Hands” Minerd Predicted Bitcoin At $15K And $400K, Admits Ignorance Of Bitcoin
Guggenheim’s CIO said he’s out of bitcoin as he can’t understand what’s happening with the cryptocurrency markets.
Scott Minerd, chief investment officer of Guggenheim Investments, said he’s no longer invested in bitcoin after he predicted earlier this year that the cryptocurrency could hit $600,000.
* “The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market,” Minerd said in an interview on CNBC from the Milken Conference in Los Angeles. “So discipline tells me now I don’t fully understand this.”
* He pointed out how if someone had invested in $1,000 in the shiba inu meme token in February, they would have made $2.1 million today.
* In February, Minerd predicted that bitcoin could hit $600,000 after saying in December that bitcoin could reach $400,000.
* In late June, when bitcoin was floating around $30,000, Minerd predicted that bitcoin could fall to around $15,000 at its low point.
* Bitcoin today is trading over $63,000 and has climbed more than 40% this month.
* “We were long going into that, we sold, it pulled back to where I thought it was and really after looking at it thought you know, we gonna probably go lower,” Minerd said. “Well, we didn’t, so we’re not in.”
* In November, shortly before Minerd’s first bullish price prediction, Guggenheim filed an amendment with the U.S. Securities and Exchange Commission (SEC) to be able to invest up to almost $500 million in bitcoin through the Grayscale Bitcoin Trust (GBTC), which is a unit of Digital Currency Group, CoinDesk’s parent company.
Bitcoin Minnows Are Resilient As Long-Term Whales Capitulate To Pressure
How long these smaller-scale investors remain committed to their crypto assets will be an interesting trend to observe; bitcoin and ether drop.
The Conviction Of Bitcoin Minnows
Bitcoin opened the week in the red, with no relief in Asia and support hitting the $37,000 mark.
As the market continues to be range-bound and not make any aggressive moves in an upward direction, Glassnode has noted in a recent report that the newest “Long Term Holders” (defined as those who bought before bitcoin’s all-time high in October 2021) are “peering into the abyss of holding unprofitable positions” and are preparing to capitulate and sell off like their peers that have held for longer are already doing.
“The current market structure for bitcoin remains in an extremely delicate equilibrium, with short-term price action and network profitability leaning bearish, whilst long-term trends remain constructive. The capitulation of Long-Term Holders appears to be continuing,” Glassnode wrote.
In prior reports, Glassnode has noted that there’s a great redistributing occurring in crypto where the long-term holders panic sell to new entrants.
We’ve called this cohort the minnows, as these mighty but small fish have bought crypto from large-holder whales because of their conviction in the asset class.
And these minnows continue to grow and multiply. Despite that the last month has been comparatively boring and compressed for the markets the supply held by wallets with between 0.1-10 BTC has continued to rise to the point where they collectively hold 2.5 million bitcoin.
There’s a long way to go until the “flippening” happens. Glassnode thinks this trend could be reversed if the minnows find themselves outside their pain tolerance. After all, Glassnode points to $46,910 as the entry point for most of these short-term holders, putting the average coin held by a minnow at an unrealized loss of -17.9%.
The question is, when will these short-term holders capitulate? Many of the long-term holder whales are professional investors or funds that can afford to lose, whereas minnows are retail investors. Long-term investors also have a conviction in the asset class; that’s why they invest.
But they also have a profit and loss statement to publish to their fund subscribers at the end of the month, and these capital allocators won’t like seeing lots of red.
Retail investors, however, are usually purely based on conviction and ideology. If bitcoin continues to be range-bound below $46,000, where many of them entered, it will be interesting to see the strength of their convictions and how long they last.
Bitcoin Funds Saw Largest Single Week Of Outflows Since June 2021
“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline,” CoinShares wrote.
Institutional investors shed $133 million worth of Bitcoin (BTC) investment products last week, marking the largest week of outflows since June last year.
According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the overall digital asset fund outflows for the week ending on Friday totaled $120.1 million. Large Bitcoin outflows were marginally offset by a surprise $38 million worth of inflows for FTX Token (FTT) products.
The $132.7 million worth of outflows from BTC funds last week brings the month-to-date outflows for April to $310.8 million.
The last time BTC funds saw this level of outflows in a single week was during a strong bearish trend in June 2021 as a result of major FUD in the news, including Tesla halting BTC payments for its cars over environmental concerns and China rolling out its crypto mining ban.
CoinShares noted in the report that there doesn’t appear to be a strong indicator of why a similar level of bearish investment sentiment had resurfaced last month but did point to a couple of potential factors:
“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”
Like many other top assets and various stock market indexes, the price of BTC has suffered significantly over the past 30 days, dropping roughly 18.2% to sit at $37,970 at the time of writing. Many onlookers attribute this to fears that inflation and the Federal Reserve’s upcoming interest rate hikes will see the price of BTC tank further.
In a broader view, the overall month-to-date (MTD) outflows for all digital asset products tracked by CoinShares totaled $326.1 million, suggesting that institutional investors have been looking to take risk off the table across the board with crypto investments.
“This doesn’t reflect the same bearishness seen at the beginning of this year, although it is close to the US$467m outflows witnessed. Regionally, the outflows were fairly evenly split between The Americas comprising 41% and Europe 59%,” CoinShares wrote.
Bitcoin’s nearest competitor for the top spot in crypto, Ether (ETH), has also suffered from a bearish sentiment of late, with products offering exposure to ETH suffering $25 million worth of outflows and MTD outflows of $82.3 million.
On the other end of the spectrum, funds tied to crypto exchange and NFT platform FTX’s FTT saw $38 million worth of inflows, but as FTT funds are categorized under “other,” it is unclear if this is part of a longer trend. Notably, the price of FTT is down 24.5% over the past 30 days also.
Terra and Fantom investment products also saw minor inflows of $390,000 and $250,000 each.
Crypto Funds Suffer Fourth Straight Week of Outflows As Bitcoin Stalls
Some $120 million flowed out of digital-asset funds in the week through April 29, according to CoinShares.
Crypto funds suffered a fourth straight week of outflows amid the stagnant bitcoin market while multi-asset funds continued to rake in fresh money.
Overall, digital-asset funds had $120 million in net outflows in the seven days through April 29, CoinShares reported Tuesday.
Bitcoin-focused funds suffered the most, losing $132 million last week, the highest so far this year. Since the start of April, bitcoin funds have suffered a cumulative $310 million of redemptions, though for 2022 to date the funds are still sitting on a cumulative $120 million of net inflows.
Bitcoin (BTC), the largest cryptocurrency by market capitalization, fell from about $40,000 to the $38,000 level over the past week, appearing to trade in sync with U.S. stocks as the Federal Reserve pushed to tighten monetary policy in the face of soaring inflation.
Funds focused on ether (ETH) saw $25.1 million in net outflows last week. Out of the 17 weeks already in the books for 2022, ether-focused funds netted inflows in only five of those.
Among the few winners last week, FTX token (FTT)-focused funds saw inflows of $38 million.
Multi-asset focused funds saw an inflow of $1.9 million, continuing a streak that dates back to early January. Multi-asset funds now account for 8% of all assets under management, the largest behind bitcoin- and ether-focused funds, according to CoinShares.
Outflows were evenly distributed between Europe and the Americas. Some 59% came from European funds and 41% came from funds based in the Americas. Funds focusing on altcoins other than the FTX token saw outflows last week. SOL-focused funds saw outflows of $1.5 million – and that was before the Solana blockchain experienced a network shutdown.
DOT-focused funds saw outflows of about $800,000, while Binance coin-focused funds saw outflows of $700,000.
Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,Guggenheim Fund ($295 Billion,