Digital asset investment products saw outflows of $88 million last week, the eighth straight week of money exiting crypto funds, according to data from Coinshares.
Outflows over the eight-week run now total $417 million and coincide with sizable declines in prices across cryptocurrencies following a hot start to the year. Bitcoin for instance, closed last week at about $26,000 after having nearly reached $31,000 in mid-April. Bitcoin witnessed outflows of $52 million last week, bringing its eight-week exit total to $254 million. Ethereum, the second largest cryptocurrency by market value, saw outflows of $36 million, the largest single week of such action since the Merge last year.“We believe this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious,” said CoinShares.
Regulatory policy, however, may take a back seat this week, with a number of key macro data points set to hit, among them Tuesday’s U.S. inflation report and Wednesday’s results from the latest U.S. Federal Reserve policy meeting.
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