After weeks of strong gains, investors withdrew nearly $1 billion from crypto investment products last week.
New report released by digital asset fund manager CoinShares on Monday Dropped numbers shown $942 million was outflowed from funds and other sources that gave investors exposure. Bitcoin, Ethereum, Solanaand cardano.
“Investor hesitancy led to record net outflows of $942 million,” the report said, adding that the fall in Bitcoin prices last week led to outflows. Bitcoin experienced a sell-off last week before hitting a new all-time high. Since then, it has struggled to break above its November 2021 high of $69,000 per coin, which it finally did early Monday morning.
Much of the focus has been on Bitcoin, with huge outflows from Grayscale's newly converted exchange-traded funds (ETFs). GBTC. The investors are early redemption It has acquired shares from ETFs since it essentially evolved from a closed-end fund in January.
But despite Grayscale's outflow, cash is still hurting others Bitcoin ETFThis includes BlackRock's iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Trust, according to the report.
Elsewhere, European crypto funds that offer investors exposure to altcoins also experienced significant outflows.
Before last week's outflows, investors pumped cash Entered virtual currency investment products for 7 consecutive weeks.of newly approved Spot Bitcoin ETFs (which were given the green light by the Securities and Exchange Commission in January) are particularly popular.
bitcoin price According to CoinGecko, the current stock price is $70,644, up 7.5% in the past 24 hours, but still below the all-time high of $73,737 reached earlier this month.
Edited by Andrew Hayward
Disclaimer
The views and opinions expressed by the authors are for informational purposes only and do not constitute financial, investment, or other advice.
