Investors pulled some $50 million from cryptocurrency funds last week, the first net redemptions of the year, as bitcoin’s (BTC) price tumbled.
According to a report Monday by CoinShares, outflows from bitcoin-focused funds totaled a record $98 million in the seven days through May 14, while investment products focused on other digital assets continued to pull in new money.
The net amount still represents a small fraction of the $5.6 billion put into cryptocurrency funds this year, but the outflows show how quickly some investors were to retreat as bitcoin began a price pullback that has now extended to as much as 35% from April’s all-time high.
Related: Bitcoin Chart Indicator Suggests Worst of Pullback May Be Over
“Investors have been diversifying out of bitcoin and into altcoin investment products,” according to CoinShares.
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Investor demand for investment products focused on ether (ETH) continued to rise, totaling $27 million last week.
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May marks the first month there has been more investment product trading volumes in ether relative to bitcoin.
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Digital asset investment products focused on ether traded a total of $4.1 billion for the week, versus bitcoin’s $3.1 billion.
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“We also saw inflows into other digital assets, the most popular being cardano (ADA) and polkadot (DOT), with inflows of $6 million and $3.3 million, respectively.”
