Weekly Outflows from Bitcoin  Funds Reach $630M

According to the latest report by CoinShares, outflows from Bitcoin investment products have reached $630 million in the past week. Over the course of 14 days, the total outflows have totaled around $1.1 billion.

The report, titled “Digital Asset Fund Flows Weekly”, states that all cryptocurrency investment products experienced a reduction in outflows, reaching $584 million for the week ending on June 21.

This decline in investment in crypto products is largely due to institutions and long-term investors scaling back their exposure to spot Bitcoin ETFs.

This shift in investment strategy comes in response to the weakening likelihood of interest rate cuts by the US Federal Reserve in 2024.

CoinShares’ Head of Research, James Butterfill, commented on the matter, saying:

“We believe this is in response to the current market sentiment among investors regarding the possibility of interest rate cuts by the Fed this year.”