Bitcoin Investment Products See $600 Million in Outflows for a Second Week

- Bitcoin investment products saw around $600 million in outflows for a second consecutive week, the most over a two-week period since the US approved exchange-traded funds to hold the largest cryptocurrency in January.

Bitcoin investment products saw about $600 million in outflows for a second straight week, the most over a two-week period since US regulators approved exchange-traded funds to hold the largest cryptocurrency in January.

Overall, digital asset products were hit with $584 million in outflows in the week ended June 21, data from CoinShares International Ltd. show. Bitcoin products accounted for the majority, with $630 million in outflows coming in the wake of another $600 million the prior week.

Fidelity’s Bitcoin fund saw the most outflows at $270 million, while Grayscale’s fund lost more than $150 million, according to a report from the digital asset manager and crypto research firm.

Losses are piling up in the crypto market on Monday, a reflection of the cooling demand for Bitcoin ETFs and uncertainty over monetary policy. Bitcoin has slumped for two straight weeks, and was about 4% lower on Monday to around $61,100.

Ether, the second-largest cryptocurrency, saw $58 million in outflows last week. That’s a reversal for the prior two weeks, when Ether took in a total of $82 million, riding on the coattails of a surprise decision from the Securities and Exchange Commission to allow Ether ETFs. But the positive inflows and ETF potential haven’t led to a higher price for the digital asset. Ether has fallen for four consecutive weeks, and was down about 4% to $3,300 on Monday.

Other alternative cryptocurrencies including Solana, Litecoin and Polygon saw positive inflows totaling around $5 million.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-investment-products-outflows-week.html

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