Summary
Investors pulled nearly $1 billion from crypto investment products last week, with most of the focus on Bitcoin. The outflows were due to hesitancy among investors and Bitcoin’s price dip. Despite Grayscale outflows, cash also exited other Bitcoin ETFs. Altcoin funds in Europe also saw significant outflows. Prior to last week, investors had been pumping cash into crypto products for seven weeks. Bitcoin’s price currently stands at $70,644, below its recent all-time high.
Key Points
1. Investors pulled out close to $1 billion from crypto investment products last week, leading to record net outflows of $942 million as Bitcoin’s price dipped.
2. Most of the focus was on Bitcoin, with significant amounts of money exiting Grayscale’s GBTC ETF, as well as other Bitcoin ETFs like BlackRock’s iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Trust.
3. Prior to last week’s outflows, investors had been pumping cash into crypto investment products for seven consecutive weeks, with newly approved spot Bitcoin ETFs gaining popularity.