The outflow of funds from cryptocurrency investment products from June 10 to 16 amounted to $5.1 million compared to $88 million a week earlier. Analysts gave this assessment CoinShares.
Funds have lost $423 million over the past nine weeks. The previous time investments were reduced so quickly from April to June 2022.
At the end of the reporting week, the situation was smoothed out by small inflows amid information about BlackRock filing an application with SEC to launch a spot bitcoin ETF, experts added.
$0.5 million was withdrawn from bitcoin products ($51.6 million a week earlier). Ethereum funds recorded an outflow of $5 million versus $35.6 million in the previous reporting period.
Altcoins saw mixed dynamics. XRP-based products, Cardano and Polygon raised $1M, $0.6M and $0.2M, respectively. $0.4 million was withdrawn from funds based on Tron and Avalanche, and $1.2 million based on a basket of assets.
“Despite improvement of regulatory conditions in Hong Kong, since the beginning of the year there has been no tangible inflow of funds in ETP. AUM companies registered in the Special Administrative Region of China remains close to $39 million,” experts said.
A week earlier on CoinShares noted investors’ caution due to the lack of certainty about the end of the monetary tightening cycle Fed.
Recall that after June 14, the Federal Reserve System for the first time since March 2022 maintained the range of the key rate at the level of 5–5.25% per annum. The market does not exclude its increase at the meeting in July.
Former former chairman CFTC Timothy Massad stated that the future of digital assets depends on the outcome of the SEC litigation against Binance and Coinbase.
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Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!
The outflow of funds from cryptocurrency investment products from June 10 to 16 amounted to $5.1 million compared to $88 million a week earlier. Analysts gave this assessment CoinShares.
Funds have lost $423 million over the past nine weeks. The previous time investments were reduced so quickly from April to June 2022.
At the end of the reporting week, the situation was smoothed out by small inflows amid information about BlackRock filing an application with SEC to launch a spot bitcoin ETF, experts added.
$0.5 million was withdrawn from bitcoin products ($51.6 million a week earlier). Ethereum funds recorded an outflow of $5 million versus $35.6 million in the previous reporting period.
Altcoins saw mixed dynamics. XRP-based products, Cardano and Polygon raised $1M, $0.6M and $0.2M, respectively. $0.4 million was withdrawn from funds based on Tron and Avalanche, and $1.2 million based on a basket of assets.
“Despite improvement of regulatory conditions in Hong Kong, since the beginning of the year there has been no tangible inflow of funds in ETP. AUM companies registered in the Special Administrative Region of China remains close to $39 million,” experts said.
A week earlier on CoinShares noted investors’ caution due to the lack of certainty about the end of the monetary tightening cycle Fed.
Recall that after June 14, the Federal Reserve System for the first time since March 2022 maintained the range of the key rate at the level of 5–5.25% per annum. The market does not exclude its increase at the meeting in July.
Former former chairman CFTC Timothy Massad stated that the future of digital assets depends on the outcome of the SEC litigation against Binance and Coinbase.
Found a mistake in the text? Select it and press CTRL+ENTER
Cryplogger Newsletters: Keep your finger on the pulse of the bitcoin industry!