• Dapps:16.23K
  • Blockchains:78
  • Active users:66.47M
  • 30d volume:$303.26B
  • 30d transactions:$879.24M
The weekly outflow from crypto funds amounted to $600 million

The weekly outflow from crypto funds amounted to $600 million

user avatar

by Eve Adams

2 years ago


From June 10 to 14, 2024, $600 million was withdrawn from crypto funds, as indicated in the weekly report by CoinShares.

Analysts noted that this is the largest outflow of funds in the past six weeks, with the last significant capital movement observed on March 22, 2024.

The main reason for the asset withdrawal, according to experts, is the meeting of the Federal Open Market Committee (FOMC) of the US Federal Reserve, which took place on June 12. After the regulator's decision to leave the interest rate unchanged, the price of Bitcoin fell below $67,000.

Bitcoin Price

$600 million outflow may be linked to the FOMC meeting. The regulator's decision prompted market participants to reduce their investments, the report states.

The main outflow of capital was in bitcoin products — $621 million. Meanwhile, projects related to Ethereum attracted $13.1 million.

Capital movement in the crypto fund sector by underlying assets

Altcoins also demonstrated capital inflows. Investors showed interest in products based on Lido DAO (LDO) and Ripple (XRP), which attracted $2 million and $1 million respectively.

Another significant factor in the negative dynamics was the GBTC fund from Grayscale, which lost $273 million.

Most other exchange-traded funds also showed negative results. For example, $150 million was withdrawn from bitcoin ETFs of Ark Invest and 21 Shares, and $146 million from Fidelity Investments. Only one crypto fund, iShares from BlackRock, recorded a positive capital inflow — $42 million.

Capital inflow/outflow in the crypto fund sector by ETP providers

The report notes that the total assets under management (AuM) decreased from over $100 billion to $94 billion over the week. Regionally, the main outflow of investments occurred in the United States — $565 million. Negative sentiment was also observed among investors from Canada, Switzerland, and Sweden — $15 million, $24 million, and $15 million respectively.

Germany, on the other hand, recorded a capital inflow of $17.4 million. Australia and Brazil finished the week with positive results — $1.7 million and $0.7 million.

Capital inflow/outflow in the crypto fund sector by country

It is worth noting that in May 2024, projects in the Web3 and blockchain sectors attracted over $1 billion in investments.

0

Rewards

chest
chest
chest
chest

More rewards

Discover enhanced rewards on our social media.

chest

Other news

Capitulation Signal in Memecoin Market

chest

Santiment reports that the memecoin sector is showing signs of capitulation, indicating a potential turning point.

user avatarJesper Sørensen

Memecoins Experience Significant Market Decline

chest

The memecoin market has seen a sharp decline, with a total market capitalization drop of 34% over the past month.

user avatarRajesh Kumar

Experts Urge Action on Quantum Threats to Bitcoin Security

chest

Experts discuss the urgency of addressing quantum computing risks to Bitcoin's security.

user avatarLucas Weissmann

Tensions Rise Between Bitcoin Holders and Developers Over Quantum Threats

chest

Tensions are rising between significant Bitcoin holders and developers over concerns regarding quantum threats to the network, with potential shifts towards a more centralized development approach.

user avatarFilippo Romano

Mixed Performance in Bitcoin Spot ETFs Amid Ongoing Market Challenges

chest

Mixed performance in Bitcoin Spot ETFs as some funds attract inflows while others face outflows amid market challenges.

user avatarEmily Carter

US Bitcoin Spot ETFs Experience Major Capital Flight Amid Price Struggles

chest

US Bitcoin Spot ETFs experienced significant capital flight with net outflows of $35.991 million in the second week of February, reflecting cautious sentiment among institutional investors amid price struggles.

user avatarTomas Novak

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.