Digital Asset Funds Hit by 5th Week of Outflows

Digital Asset Funds Hit by 5th Week of Outflows
Investors pulled money out of cryptocurrency funds for a fifth straight week, reflecting the bearish market mood as bitcoin suffers one of its worst-ever starts to a year.Digital-asset investment products saw $73 million of outflows during the seven days through Jan. 14, according to a report published Monday by the crypto firm CoinShares. The redemptions accumulate to $532 million over the five weeks, cutting industrywide assets under management across all funds to $56.1 billion.Investment funds focused on bitcoin (BTC), the world’s largest cryptocurrency by market value, accounted for $55 million of the outflows. Ethereum-related funds saw outflows totaling $30 million.However,…