Bitcoin (BTC) and crypto-backed investment funds saw outflows of USD 423m last week, marking the largest weekly outflows on record “by a wide margin,” data from the digital asset investment firm CoinShares shows.
Per the latest update from CoinShares, the large outflows were solely focused on BTC funds, with USD 453m in capital leaving these funds. Funds backed by other digital assets such as ethereum (ETH) and cardano (ADA) saw inflows for the week.
The inflows to ETH funds came after relatively large outflows of USD 70m seen the week before. The same week, BTC funds saw inflows of USD 28m.
The vast majority of the outflows from bitcoin funds in the latest report occurred on June 17, but appeared in the data for last week due to “reporting lags,” CoinShares said.
Commenting on the notable outflows, the report said that “almost all inflows year-to-date” in bitcoin funds have now been erased, leaving the total assets under management by bitcoin funds at USD 24.5bn. This is the “...
Your content is great. However, if any of the content contained herein violates any rights of yours, including those of copyright, please contact us immediately by e-mail at media[@]kissrpr.com.
INN caught up with cryptocurrency investment expert Dan Hoover to review the current landscape and where the market may be heading. The cryptocurrency investment marketplace has gone through severa...