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“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

“Lettuce Hands” Refers To Investors Who Can’t Deal With The Volatility Of The Cryptocurrency Markets

Guggenheim’s Scott “Lettuce Hands” Minerd

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.

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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

Updated: 1-17-2021

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.

“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.

Updated: 1-27-2021

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.

Updated: 2-3-2021

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.

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.

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.

Updated: 4-22-2021

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.”

Updated: 5-19-2021

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”.

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.

Updated: 6-3-2021

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.

Updated: 6-26-2021

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.

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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.

Updated: 7-9-2021

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.”

Updated: 10-18-2021

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.

Updated: 5-3-2022

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.

Updated: 5-4-2022

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.

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Music Distributor DistroKid Raises Money At $1.3 Billion Valuation

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Archaeologists Uncover Five Tombs In Egypt’s Saqqara Necropolis

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Former World Bank Chief Didn’t Act On Warnings Of Sexual Harassment

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Virginia-Based Defense Contractor Working For U.S. National-Security Agencies Use Google Apps To Secretly Steal Your Data

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Belgium Arrests EU Lawmaker, Four Others In Corruption Probe Linked To European Parliament (#GotBitcoin)

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Citigroup Trader Is Scapegoat For Flash Crash In European Stocks (#GotBitcoin)

Cryptocurrency Litigation Tracker Shows Details Of More Than 300 Active And Settled Court Cases Since 2013

Bird Flu Outbreak Approaches Worst Ever In U.S. With 37 Million Animals Dead

Financial Inequality Grouped By Race For Blacks, Whites And Hispanics

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Bitcoin Buyers Flock To Investment Clubs Such As “Black Bitcoin Billionaires” To Learn Rules of The Road

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H.R.5635 – Virtual Currency Tax Fairness Act of 2020 ($200.00 Limit) 116th Congress (2019-2020)

Adam Back On Satoshi Emails, Privacy Concerns And Bitcoin’s Early Days

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How To Raise Funds For Australia Wildfire Relief Efforts (Using Bitcoin And/Or Fiat )

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Currency ‘Cold War’ Takes Center Stage At Pre-Davos Crypto Confab (#GotBitcoin?)

A Blockchain-Secured Home Security Camera Won Innovation Awards At CES 2020 Las Vegas

Bitcoin’s Had A Sensational 11 Years (#GotBitcoin?)

Sergey Nazarov And The Creation Of A Decentralized Network Of Oracles

Google Suspends MetaMask From Its Play App Store, Citing “Deceptive Services”

Christmas Shopping: Where To Buy With Crypto This Festive Season

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Coinbase CEO Armstrong Wins Patent For Tech Allowing Users To Email Bitcoin

Bitcoin Has Got Society To Think About The Nature Of Money

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Dissidents And Activists Have A Lot To Gain From Bitcoin, If Only They Knew It (#GotBitcoin?)

At A Refugee Camp In Iraq, A 16-Year-Old Syrian Is Teaching Crypto Basics

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How To Earn And Spend Bitcoin On Black Friday 2019

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Charities Put A Bitcoin Twist On Giving Tuesday

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Max Keiser: Bitcoin’s ‘Self-Settlement’ Is A Revolution Against Dollar

Blockchain Can And Will Replace The IRS

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Jack Dorsey: You Can Buy A Fraction Of Berkshire Stock Or ‘Stack Sats’

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Bitcoin’s Irreversibility Challenges International Private Law: Legal Scholar

Bitcoin Has Already Reached 40% Of Average Fiat Currency Lifespan

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Unicef To Accept Donations In Bitcoin (#GotBitcoin?)

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Bitcoin Developer Amir Taaki, “We Can Crash National Economies” (#GotBitcoin?)

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Blockstream’s Samson Mow: Bitcoin’s Block Size Already ‘Too Big’

Attorneys Seek Bank Of Ireland Execs’ Testimony Against OneCoin Scammer (#GotBitcoin?)

OpenLibra Plans To Launch Permissionless Fork Of Facebook’s Stablecoin (#GotBitcoin?)

Tiny $217 Options Trade On Bitcoin Blockchain Could Be Wall Street’s Death Knell (#GotBitcoin?)

Class Action Accuses Tether And Bitfinex Of Market Manipulation (#GotBitcoin?)

Sharia Goldbugs: How ISIS Created A Currency For World Domination (#GotBitcoin?)

Bitcoin Eyes Demand As Hong Kong Protestors Announce Bank Run (#GotBitcoin?)

How To Securely Transfer Crypto To Your Heirs

‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)

Crypto News From The Spanish-Speaking World (#GotBitcoin?)

Financial Services Giant Morningstar To Offer Ratings For Crypto Assets (#GotBitcoin?)

‘Gold-Backed’ Crypto Token Promoter Karatbars Investigated By Florida Regulators (#GotBitcoin?)

The Original Sins Of Cryptocurrencies (#GotBitcoin?)

Bitcoin Is The Fraud? JPMorgan Metals Desk Fixed Gold Prices For Years (#GotBitcoin?)

Israeli Startup That Allows Offline Crypto Transactions Secures $4M (#GotBitcoin?)

[PSA] Non-genuine Trezor One Devices Spotted (#GotBitcoin?)

Bitcoin Stronger Than Ever But No One Seems To Care: Google Trends (#GotBitcoin?)

First-Ever SEC-Qualified Token Offering In US Raises $23 Million (#GotBitcoin?)

You Can Now Prove A Whole Blockchain With One Math Problem – Really

Crypto Mining Supply Fails To Meet Market Demand In Q2: TokenInsight

$2 Billion Lost In Mt. Gox Bitcoin Hack Can Be Recovered, Lawyer Claims (#GotBitcoin?)

Fed Chair Says Agency Monitoring Crypto But Not Developing Its Own (#GotBitcoin?)

Wesley Snipes Is Launching A Tokenized $25 Million Movie Fund (#GotBitcoin?)

Mystery 94K BTC Transaction Becomes Richest Non-Exchange Address (#GotBitcoin?)

A Crypto Fix For A Broken International Monetary System (#GotBitcoin?)

Four Out Of Five Top Bitcoin QR Code Generators Are Scams: Report (#GotBitcoin?)

Waves Platform And The Abyss To Jointly Launch Blockchain-Based Games Marketplace (#GotBitcoin?)

Bitmain Ramps Up Power And Efficiency With New Bitcoin Mining Machine (#GotBitcoin?)

Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)

Miss Finland: Bitcoin’s Risk Keeps Most Women Away From Cryptocurrency (#GotBitcoin?)

Artist Akon Loves BTC And Says, “It’s Controlled By The People” (#GotBitcoin?)

Ledger Live Now Supports Over 1,250 Ethereum-Based ERC-20 Tokens (#GotBitcoin?)

Co-Founder Of LinkedIn Presents Crypto Rap Video: Hamilton Vs. Satoshi (#GotBitcoin?)

Crypto Insurance Market To Grow, Lloyd’s Of London And Aon To Lead (#GotBitcoin?)

No ‘AltSeason’ Until Bitcoin Breaks $20K, Says Hedge Fund Manager (#GotBitcoin?)

NSA Working To Develop Quantum-Resistant Cryptocurrency: Report (#GotBitcoin?)

Custody Provider Legacy Trust Launches Crypto Pension Plan (#GotBitcoin?)

Vaneck, SolidX To Offer Limited Bitcoin ETF For Institutions Via Exemption (#GotBitcoin?)

Russell Okung: From NFL Superstar To Bitcoin Educator In 2 Years (#GotBitcoin?)

Bitcoin Miners Made $14 Billion To Date Securing The Network (#GotBitcoin?)

Why Does Amazon Want To Hire Blockchain Experts For Its Ads Division?

Argentina’s Economy Is In A Technical Default (#GotBitcoin?)

Blockchain-Based Fractional Ownership Used To Sell High-End Art (#GotBitcoin?)

Portugal Tax Authority: Bitcoin Trading And Payments Are Tax-Free (#GotBitcoin?)

Bitcoin ‘Failed Safe Haven Test’ After 7% Drop, Peter Schiff Gloats (#GotBitcoin?)

Bitcoin Dev Reveals Multisig UI Teaser For Hardware Wallets, Full Nodes (#GotBitcoin?)

Bitcoin Price: $10K Holds For Now As 50% Of CME Futures Set To Expire (#GotBitcoin?)

Bitcoin Realized Market Cap Hits $100 Billion For The First Time (#GotBitcoin?)

Stablecoins Begin To Look Beyond The Dollar (#GotBitcoin?)

Bank Of England Governor: Libra-Like Currency Could Replace US Dollar (#GotBitcoin?)

Binance Reveals ‘Venus’ — Its Own Project To Rival Facebook’s Libra (#GotBitcoin?)

The Real Benefits Of Blockchain Are Here. They’re Being Ignored (#GotBitcoin?)

CommBank Develops Blockchain Market To Boost Biodiversity (#GotBitcoin?)

SEC Approves Blockchain Tech Startup Securitize To Record Stock Transfers (#GotBitcoin?)

SegWit Creator Introduces New Language For Bitcoin Smart Contracts (#GotBitcoin?)

You Can Now Earn Bitcoin Rewards For Postmates Purchases (#GotBitcoin?)

Bitcoin Price ‘Will Struggle’ In Big Financial Crisis, Says Investor (#GotBitcoin?)

Fidelity Charitable Received Over $100M In Crypto Donations Since 2015 (#GotBitcoin?)

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Just The Existence Of Bitcoin Impacts Monetary Policy (#GotBitcoin?)

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IRS To Cryptocurrency Owners: Come Clean, Or Else!

Coinbase Accidentally Saves Unencrypted Passwords Of 3,420 Customers (#GotBitcoin?)

Bitcoin Is A ‘Chaos Hedge, Or Schmuck Insurance‘ (#GotBitcoin?)

Bakkt Announces September 23 Launch Of Futures And Custody

Coinbase CEO: Institutions Depositing $200-400M Into Crypto Per Week (#GotBitcoin?)

Researchers Find Monero Mining Malware That Hides From Task Manager (#GotBitcoin?)

Crypto Dusting Attack Affects Nearly 300,000 Addresses (#GotBitcoin?)

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SEC Guidance Gives Ammo To Lawsuit Claiming XRP Is Unregistered Security (#GotBitcoin?)

15 Countries To Develop Crypto Transaction Tracking System: Report (#GotBitcoin?)

US Department Of Commerce Offering 6-Figure Salary To Crypto Expert (#GotBitcoin?)

Mastercard Is Building A Team To Develop Crypto, Wallet Projects (#GotBitcoin?)

Canadian Bitcoin Educator Scams The Scammer And Donates Proceeds (#GotBitcoin?)

Amazon Wants To Build A Blockchain For Ads, New Job Listing Shows (#GotBitcoin?)

Shield Bitcoin Wallets From Theft Via Time Delay (#GotBitcoin?)

Blockstream Launches Bitcoin Mining Farm With Fidelity As Early Customer (#GotBitcoin?)

Commerzbank Tests Blockchain Machine To Machine Payments With Daimler (#GotBitcoin?)

Bitcoin’s Historical Returns Look Very Attractive As Online Banks Lower Payouts On Savings Accounts (#GotBitcoin?)

Man Takes Bitcoin Miner Seller To Tribunal Over Electricity Bill And Wins (#GotBitcoin?)

Bitcoin’s Computing Power Sets Record As Over 100K New Miners Go Online (#GotBitcoin?)

Walmart Coin And Libra Perform Major Public Relations For Bitcoin (#GotBitcoin?)

Judge Says Buying Bitcoin Via Credit Card Not Necessarily A Cash Advance (#GotBitcoin?)

Poll: If You’re A Stockowner Or Crypto-Currency Holder. What Will You Do When The Recession Comes?

1 In 5 Crypto Holders Are Women, New Report Reveals (#GotBitcoin?)

Beating Bakkt, Ledgerx Is First To Launch ‘Physical’ Bitcoin Futures In Us (#GotBitcoin?)

Facebook Warns Investors That Libra Stablecoin May Never Launch (#GotBitcoin?)

Government Money Printing Is ‘Rocket Fuel’ For Bitcoin (#GotBitcoin?)

Bitcoin-Friendly Square Cash App Stock Price Up 56% In 2019 (#GotBitcoin?)

Safeway Shoppers Can Now Get Bitcoin Back As Change At 894 US Stores (#GotBitcoin?)

TD Ameritrade CEO: There’s ‘Heightened Interest Again’ With Bitcoin (#GotBitcoin?)

Venezuela Sets New Bitcoin Volume Record Thanks To 10,000,000% Inflation (#GotBitcoin?)

Newegg Adds Bitcoin Payment Option To 73 More Countries (#GotBitcoin?)

China’s Schizophrenic Relationship With Bitcoin (#GotBitcoin?)

More Companies Build Products Around Crypto Hardware Wallets (#GotBitcoin?)

Bakkt Is Scheduled To Start Testing Its Bitcoin Futures Contracts Today (#GotBitcoin?)

Bitcoin Network Now 8 Times More Powerful Than It Was At $20K Price (#GotBitcoin?)

Crypto Exchange BitMEX Under Investigation By CFTC: Bloomberg (#GotBitcoin?)

“Bitcoin An ‘Unstoppable Force,” Says US Congressman At Crypto Hearing (#GotBitcoin?)

Bitcoin Network Is Moving $3 Billion Daily, Up 210% Since April (#GotBitcoin?)

Cryptocurrency Startups Get Partial Green Light From Washington

Fundstrat’s Tom Lee: Bitcoin Pullback Is Healthy, Fewer Searches Аre Good (#GotBitcoin?)

Bitcoin Lightning Nodes Are Snatching Funds From Bad Actors (#GotBitcoin?)

The Provident Bank Now Offers Deposit Services For Crypto-Related Entities (#GotBitcoin?)

Bitcoin Could Help Stop News Censorship From Space (#GotBitcoin?)

US Sanctions On Iran Crypto Mining — Inevitable Or Impossible? (#GotBitcoin?)

US Lawmaker Reintroduces ‘Safe Harbor’ Crypto Tax Bill In Congress (#GotBitcoin?)

EU Central Bank Won’t Add Bitcoin To Reserves — Says It’s Not A Currency (#GotBitcoin?)

The Miami Dolphins Now Accept Bitcoin And Litecoin Crypt-Currency Payments (#GotBitcoin?)

Trump Bashes Bitcoin And Alt-Right Is Mad As Hell (#GotBitcoin?)

Goldman Sachs Ramps Up Development Of New Secret Crypto Project (#GotBitcoin?)

Blockchain And AI Bond, Explained (#GotBitcoin?)

Grayscale Bitcoin Trust Outperformed Indexes In First Half Of 2019 (#GotBitcoin?)

XRP Is The Worst Performing Major Crypto Of 2019 (GotBitcoin?)

Bitcoin Back Near $12K As BTC Shorters Lose $44 Million In One Morning (#GotBitcoin?)

As Deutsche Bank Axes 18K Jobs, Bitcoin Offers A ‘Plan ฿”: VanEck Exec (#GotBitcoin?)

Argentina Drives Global LocalBitcoins Volume To Highest Since November (#GotBitcoin?)

‘I Would Buy’ Bitcoin If Growth Continues — Investment Legend Mobius (#GotBitcoin?)

Lawmakers Push For New Bitcoin Rules (#GotBitcoin?)

Facebook’s Libra Is Bad For African Americans (#GotBitcoin?)

Crypto Firm Charity Announces Alliance To Support Feminine Health (#GotBitcoin?)

Canadian Startup Wants To Upgrade Millions Of ATMs To Sell Bitcoin (#GotBitcoin?)

Trump Says US ‘Should Match’ China’s Money Printing Game (#GotBitcoin?)

Casa Launches Lightning Node Mobile App For Bitcoin Newbies (#GotBitcoin?)

Bitcoin Rally Fuels Market In Crypto Derivatives (#GotBitcoin?)

World’s First Zero-Fiat ‘Bitcoin Bond’ Now Available On Bloomberg Terminal (#GotBitcoin?)

Buying Bitcoin Has Been Profitable 98.2% Of The Days Since Creation (#GotBitcoin?)

Another Crypto Exchange Receives License For Crypto Futures

From ‘Ponzi’ To ‘We’re Working On It’ — BIS Chief Reverses Stance On Crypto (#GotBitcoin?)

These Are The Cities Googling ‘Bitcoin’ As Interest Hits 17-Month High (#GotBitcoin?)

Venezuelan Explains How Bitcoin Saves His Family (#GotBitcoin?)

Quantum Computing Vs. Blockchain: Impact On Cryptography

This Fund Is Riding Bitcoin To Top (#GotBitcoin?)

Bitcoin’s Surge Leaves Smaller Digital Currencies In The Dust (#GotBitcoin?)

Bitcoin Exchange Hits $1 Trillion In Trading Volume (#GotBitcoin?)

Bitcoin Breaks $200 Billion Market Cap For The First Time In 17 Months (#GotBitcoin?)

You Can Now Make State Tax Payments In Bitcoin (#GotBitcoin?)

Religious Organizations Make Ideal Places To Mine Bitcoin (#GotBitcoin?)

Goldman Sacs And JP Morgan Chase Finally Concede To Crypto-Currencies (#GotBitcoin?)

Bitcoin Heading For Fifth Month Of Gains Despite Price Correction (#GotBitcoin?)

Breez Reveals Lightning-Powered Bitcoin Payments App For IPhone (#GotBitcoin?)

Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software (#GotBitcoin?)

Amazon-Owned Twitch Quietly Brings Back Bitcoin Payments (#GotBitcoin?)

JPMorgan Will Pilot ‘JPM Coin’ Stablecoin By End Of 2019: Report (#GotBitcoin?)

Is There A Big Short In Bitcoin? (#GotBitcoin?)

Coinbase Hit With Outage As Bitcoin Price Drops $1.8K In 15 Minutes

Samourai Wallet Releases Privacy-Enhancing CoinJoin Feature (#GotBitcoin?)

There Are Now More Than 5,000 Bitcoin ATMs Around The World (#GotBitcoin?)

You Can Now Get Bitcoin Rewards When Booking At Hotels.Com (#GotBitcoin?)

North America’s Largest Solar Bitcoin Mining Farm Coming To California (#GotBitcoin?)

Bitcoin On Track For Best Second Quarter Price Gain On Record (#GotBitcoin?)

Bitcoin Hash Rate Climbs To New Record High Boosting Network Security (#GotBitcoin?)

Bitcoin Exceeds 1Million Active Addresses While Coinbase Custodies $1.3B In Assets

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