tl;dr
After a powerhouse run of several weeks of gains, investors pulled out close to $1 billion from crypto investment products last week. A new report from digital asset fund manager CoinShares on Monday revealed that $942 million exited funds, such as those giving investors exposure to Bitcoin, Ethereu...
After a powerhouse run of several weeks of gains, investors pulled out close to $1 billion from crypto investment products last week. A new report from digital asset fund manager CoinShares on Monday revealed that $942 million exited funds, such as those giving investors exposure to Bitcoin, Ethereum, Solana, and Cardano. Hesitancy among investors led to record net outflows, with most of the focus on Bitcoin and huge amounts of money exiting Grayscale's newly converted ETF, GBTC. Despite the Grayscale outflows, cash also hit other Bitcoin ETFs, and crypto funds in Europe experienced significant outflows. Prior to last week's outflows, investors had been pumping cash into crypto investment products for seven weeks in a row. Bitcoin's price currently stands at $70,644, up 7.5% in the past 24 hours but still below the new all-time high of $73,737.
“Hesitancy amongst investors led to record net outflows of $942 million,” the report read, adding that Bitcoin’s price dip last week led to the outflows. Most of the focus was on Bitcoin, with huge amounts of money exiting Grayscale’s newly converted exchange-traded fund (ETF), GBTC. Investors have been fast redeeming shares from the ETF since it evolved from an essentially closed-end fund in January. Cash also hit other Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Trust. Elsewhere, crypto funds in Europe giving investors exposure to altcoins also experienced significant outflows. Prior to last week’s outflows, investors had pumped cash into crypto investment products for seven weeks in a row. Bitcoin’s price currently stands at $70,644, up 7.5% in the past 24 hours but still below the new all-time high of $73,737 it touched earlier this month.
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