Weekly Outflows from Crypto Funds Reach $147M

Last week, there was a decrease in net inflows for global crypto investment products at major asset managers like BlackRock, Bitwise, Fidelity, Grayscale, ProShares, and 21Shares.

According to CoinShares, a total of $147 million was withdrawn from these funds, ending a three-week streak of almost $2 billion net inflows. CoinShares Head of Research James Butterfill attributed this downturn to higher economic data compared to expectations.

This has resulted in lower probabilities for significant interest rate cuts, leading to a decrease in investor sentiment.

Out of the global crypto investment products, those based on Bitcoin experienced the highest net outflows of $159 million. However, short-Bitcoin investment products saw $2.8 million worth of net inflows.

The majority of negative flows came from funds in the US, Germany, and Hong Kong, with losses of $209 million, $8.3 million, and $7.3 million, respectively.