• 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From June 10 to 14, 2024, $600 million was withdrawn from crypto funds, as indicated in the weekly report by CoinShares.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 For example, $150 million was withdrawn from bitcoin ETFs of Ark Invest and 21 Shares, and $146 million from Fidelity Investments.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

Congress Proposes AI Kill Switch Legislation

chest

Congress members propose the AI Kill Switch Act to give the federal government authority to shut down AI models.

user avatarEmily Carter

Frax Governance Discusses Proposal for Early Redemptions from Locked Ethereum Pools

chest

Frax governance is discussing a proposal for early redemptions from locked Ethereum pools with a 4% penalty fee directed to the Frax treasury.

user avatarTomas Novak

Frax Governance Proposes Morpho Lending Market for bdUSD and frxUSD

chest

Frax governance is discussing a proposal to create a Morpho lending market for bdUSD and frxUSD to enhance stablecoin liquidity and borrowing demand.

user avatarKaterina Papadopoulou

EigenLayers Forum Engages in ELIP018 Proposal Discussion

chest

The EigenLayers forum is currently engaged in a debate over the draft proposal ELIP018, which introduces a framework known as RETIRE, aimed at providing a terminal exit route for restakers.

user avatarMaya Lundqvist

Uniswap Governance Explores Private Execution Path for Swaps

chest

Uniswap governance is discussing a proposal for an optional private execution path for swaps to enhance user privacy and reduce transaction information exposure.

user avatarLeo van der Veen

Kraken Introduces USDT0 Support on Tempo Network

chest

Kraken has introduced support for USDT0 deposits and withdrawals on the Tempo network, enhancing stablecoin liquidity movement.

user avatarLi Weicheng

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.