The third quarter of 2022 has witnessed a slowdown in money flowing out of crypto-related funds, according to a report from Bloomberg.
Data compiled by Bloomberg Intelligence showed that $17.6 million was withdrawn by investors from crypto exchange-traded funds in the three months ending September 30.
By Sep 30, that number had fallen below the record $683.4 million withdrawn from such funds in the second quarter, the data analysis showed.
According to the report, the past two months had witnessed the most outflows. Upwards of $200 million were poured by investors into crypto ETFs in July.
The high degree of outflows in the second quarter was in relation to plunging cryptocurrency prices. The world’s largest digital asset based on market value, bitcoin, fell nearly 60% during the second quarter of 2022 and posted a record low of $17,785 on June 18. However, the cryptocurrency rose 3.7% in the third quarter.
The report stated that narrower price fluctuations aligned with the more...
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