Apprehension over a delay in interest rate cuts, a strengthening DXY and softness in Bitcoin price back the $584 million outflow in crypto investment products.) investment products hit $630 million over the last week, with the total outflows in 14 days reaching approximately $1.1 billion, according to CoinShares.
The CoinShares’ “Digital Asset Fund Flows Weekly” report reveals that the total outflows from all cryptocurrency investment products reached $584 million for the week ending June 21. This reduction in investment in crypto products is primarily attributed to institutions and long-term investors reducing their exposure to spot“We believe this is in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the Fed this year.”The report also highlighted a reduction in weekly trading volumes, reaching $13.6 billion, the “lowest volumes traded on ETPs globally since the launch of U.S.spot Bitcoin ETFs in January.” Crypto funds now manage $92.
Accompanying Bitcoin’s price correction over the last week are the continued outflows from spot Bitcoin ETFs. Data from Farside Investors shows that institutions withdrew nearly $544.1 million from spot Bitcoin ETFs between June 17 and June 21. Fidelity’s FBTC saw outflows surge dramatically to $271 million for the week.confirm that the BTC price dropped from an opening of $63,170 on June 24 to an intra-day low of $60,544. The last time BTC traded around this level was over six weeks ago, on May 15.
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