Cryptocurrency Investment Products See Third Consecutive Week of Outflows

Cryptocurrency investment products faced outflows for three weeks, slowing recently, hinting at shifting investor sentiment.

Digital asset fund outflows totaled $30 million for the week ending June 29, according to data from CoinShares International Ltd.

This amount decreased from the nearly $600 million withdrawn each of the previous two weeks.

Despite this, investors pulled out the most in three weeks since the SEC approved Bitcoin ETFs in January.

Bitcoin ETFs, however, broke their losing streak, seeing global inflows for the first time in three weeks, attracting $10 million last week.

BlackRock and 2X Bitcoin ETFs were the biggest gainers, earning $84 million and $70 million respectively.

The Grayscale ETF suffered the worst losses, with $150 million in outflows, continuing its streak of withdrawals.

In the second quarter, Bitcoin-backed ETFs saw inflows of $2.6 billion, compared to nearly $13 billion in the first quarter.

Cryptocurrency Investment Products See Third Consecutive Week of Outflows

Ether investment products experienced their largest outflows since August 2022 last week, with fund losses increasing to $60 million from $58 million the previous week. Year-to-date, Ether products have seen outflows totaling $25 million.

In May, the price of Ether surged after the SEC approved an Ether ETF but has declined since then.

On Monday, Ether rose about 1.3% to $3,460, while Bitcoin gained 1.7% to $62,900. However, in the second quarter, digital currencies dropped 6% and 13%, respectively.

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