According to CoinShares' latest crypto fund flows report, crypto-backed investment funds experienced net outflows for the fourth consecutive week, with a total outflow of $200 million over the four-week period. Last week alone, outflows from crypto funds reached $53.8 million, driven mainly by Bitcoin funds which saw $37.5 million in outflows.

Interestingly, short-Bitcoin funds recorded outflows of $10.4 million, indicating that speculators are becoming less bearish. The large share of investment money moving in and out of Bitcoin funds suggests that investor activity is now almost solely focused on Bitcoin rather than altcoins.