Key Points
- Crypto investment products recorded $584 million in outflows last week.
- Bitcoin outflows reached $630 million.
According to CoinShares analyst James Butterfill, crypto investment products saw the second consecutive week of outflows totaling $584 million.
The report reveals that this could be the reaction to the pessimism amongst investors for interest rate cuts this year.
In-depth details on crypto funds flows
Crypto investments recorded the second week of outflows, totaling $584 million. Last week also saw the lowest volumes traded on ETFs globally since the US ETFs were launched in the US at the beginning of 2024.
Regionally, the US saw the largest outflows of $475 million, followed by Canada which recorded $109 million. Germany and Hong Kong saw $24 million and $19 million in outflows respectively.
Fidelity’s ETFs saw outflows of $271 million, and Grayscale recorded $150 million in outflows. Ark Invest and 21Shares saw $79 million in outflows.
Bitcoin was the main focus regarding outflows, seeing $630 million, but the negative sentiment has not seen investors adding to short positions, and short BTC saw $1.2 million in outflows.
Ethereum was also surrounded by a negative sentiment seeing $58 million in outflows. Altcoins saw inflows following the recent price weakness, and Solana, Litecoin, and Polygon recorded $2.7 million, $1.3 million, and $1 million respectively.
According to the same report, multi-asset products saw $98 million in inflows, a fact that suggests investors saw the weakness in the altcoin market as a buying opportunity.
Bitcoin trades at $61k, following Mt. Gox announcement
Bitcoin is currently trading at $61k, following the earlier announcement that came from Mt. Gox.
- Zoom
- Type
According to the latest reports, the infamous defunct Japanese crypto exchange will start refunding creditors the recovered Bitcoin and Bitcoin Cash starting in July.
According to court documents and creditor reports, Mt. Gox will distribute the following:
- 142,000 BTC currently valued at approximately $8.66 billion
- 143,000 BCH totaling about $50.3 million
Following the exchange’s announcement, Bitcoin’s price dropped today from over $62,000 to the current level of around $61,000.
