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Bitcoin Funds See Most Outflows Over Two Weeks Since ETF Approval - BLOOMBERG
- Bitcoin products saw $630 million in outflows last week
- Crypto products overall had $584 million in outflows: Con
, Bloomberg News
A neon Bitcoin cryptocurrency logo at a crypto exchange kiosk in Warsaw, Poland, on Thursday, March 14, 2024. Bitcoin extended a retreat from its latest record high amid an intensifying debate about whether the bull run in cryptocurrencies is evidence of speculative froth in global markets. Photographer: Damian Lemanski/Bloomberg , Bloomberg
(Bloomberg) -- Bitcoin investment products saw around $600 million in outflows for a second consecutive week, the most over a two-week period since the US approved exchange-traded funds to hold the largest cryptocurrency in January.
Overall, digital asset products were hit with $584 million in outflows in the week ended June 21, data from CoinShares International Ltd. show. Bitcoin products accounted for the majority, with $630 million in outflows coming in the wake of another $600 million the prior week.
Fidelity’s Bitcoin fund saw the most outflows at $270 million, while Grayscale’s fund lost more than $150 million, according to a report from the digital asset manager and crypto research firm.
Losses are piling up in the crypto market on Monday, a reflection of the cooling demand for Bitcoin ETFs and uncertainty over monetary policy. Bitcoin has slumped for two straight weeks, and was about 4% lower on Monday to around $61,100.
Ether, the second largest cryptocurrency, saw $58 million in outflows last week. That’s a reversal for the prior two weeks, when Ether took in a total of $82 million, riding on the coattails of surprise decision from the SEC to allow Ether ETFs. But the positive inflows and ETF potential hasn’t led to a higher price for the digital asset. Ether has fallen for four consecutive weeks, and was down about 4% to $3,300 on Monday.
Other alternative cryptocurrencies including Solana, Litecoin and Polygon saw positive inflows totaling around $5 million.
--With assistance from Muyao Shen.
