Investors pulled out $17.6 million from crypto exchange-traded funds in the three months ending Sept. 30, according to data compiled by Bloomberg Intelligence. That figure, as of Friday morning, is far below the record $683.4 million withdrawn from such funds in the second quarter. The outflows mainly took place in the past two months. In July, investors poured upwards of $200 million into crypto ETFs.
The more muted crypto-linked ETF outflows in the third quarter aligned with narrower fluctuations in prices. Bitcoin was trading above $19,000 as of 9:45 a.m. New York time, close to its price at the beginning of the quarter. Global markets have sunk in the past few months as central banks around the world raise interest rates to curb soaring inflation. Risk assets like cryptocurrencies have been especially hard hit as recessionary fears rise.
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