CryptoETHCrypto Outflows Continue Amid Bitcoin and Ether Slump

Crypto Outflows Continue Amid Bitcoin and Ether Slump

Digital asset products faced significant outflows totaling $584 million in the week ending June 21, according to data from CoinShares International Ltd. The majority of these outflows, amounting to $630 million, were attributed to Bitcoin products, following another $600 million outflow the previous week.

Fidelity’s Bitcoin fund experienced the largest outflows at $270 million, while Grayscale’s fund also saw substantial losses exceeding $150 million, as reported by the digital asset manager and crypto research firm.

The cryptocurrency market reflects ongoing losses on Monday, underscoring diminished demand for Bitcoin exchange-traded funds (ETFs) and uncertainty surrounding monetary policies. Bitcoin has seen declines over the past two weeks, dropping approximately 4% on Monday to hover around $61,100.

Ether, the second largest cryptocurrency, recorded outflows of $58 million last week, marking a reversal from the previous two weeks when it received a total of $82 million in inflows. Despite the SEC‘s decision to permit Ether ETFs, which initially buoyed optimism, the digital asset has now declined for four consecutive weeks, falling about 4% to $3,300 on Monday.

In contrast, several alternative cryptocurrencies including Solana, Litecoin, and Polygon witnessed positive inflows totaling around $5 million during the same period. This influx highlights continued investor interest in diversified digital assets amid broader market uncertainty.

The persisting outflows from major digital asset products underscore a cautious sentiment prevailing in the cryptocurrency market, despite sporadic positive developments in specific altcoins.

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Andrew
Andrew
Self-taught investor with over 5 years of financial trading experience Author of numerous articles for hedge funds with over $5 billion in cumulative AUM and Worked with several global financial institutions. After finding success using his financial acumen to build an investment portfolio, Andrew began writing and editing articles about the cryptocurrency space for sites such as chaincryptocoins.com, ensuring readers were kept up to date on hot topics such as Bitcoin and The latest news on digital currencies and Ethereum.

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