• 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

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From June 10 to 14, 2024, $600 million was withdrawn from crypto funds, as indicated in the weekly report by CoinShares.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 For example, $150 million was withdrawn from bitcoin ETFs of Ark Invest and 21 Shares, and $146 million from Fidelity Investments.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

Coinbase Reports Strong Earnings Amid Market Pressures

chest

Coinbase reported stronger-than-expected earnings and revenue on October 30, but its shares struggled to maintain momentum due to broader market pressures.

user avatarMaria Gutierrez

Robinhood's Strong Earnings Overshadowed by Leadership Changes

chest

Robinhood reported solid third-quarter results, but leadership changes and slower growth in its crypto segment overshadowed the earnings beat.

user avatarArif Mukhtar

Cryptofocused Companies Experience Significant Share Declines

chest

Shares of cryptocurrency companies have sharply declined this week due to macroeconomic concerns and the aftermath of last month's liquidity crisis.

user avatarDavid Robinson

Tether Secures Board Seat at Juventus FC

chest

Tether has secured its first-ever seat on the Board of Directors of Juventus FC, with Francesco Garino as its representative, becoming the second-largest shareholder with over a 10% stake.

user avatarAndrew Smith

Fartcoin Experiences Viral Surge Amid Market Madness

chest

Fartcoin's price skyrockets by over 537,000% due to viral marketing and meme campaigns.

user avatarZainab Kamara

Tether and Libra Set Precedents for Current Regulations

chest

Tether's early launch and Facebook's Libra proposal have set important precedents that have shaped current regulatory frameworks for digital currencies.

user avatarJacob Williams

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.