CoinDesk Analysis Team
CoinDesk
Net outflows from cryptocurrency funds totaled $44 million for the week ending June 25, marking the fourth consecutive week of redemptions.
Investors are exiting digital asset investment products, including funds focused on bitcoin (BTC, +6.26%) and ethereum (ETH, +16.57%), as a wave of negative sentiment weighs on cryptocurrencies.
Net outflows from cryptocurrency funds totaled $44 million for the week ending June 25, marking the fourth consecutive week of redemptions.
Ethereum products suffered net outflows of $50 million last week, the largest on record since 2015, according to a report by CoinShares published Monday. The movement marks a reversal from the trend so far in 2021, with Ethereum-focused products having garnered a net of $943 million for the year to date as investors diversified away from bitcoin.
- “Since mid-May, as negative sentiment has remained prevalent, net weekly outflows now total $313 million," representing 0.8% of total assets under management (AUM), according to CoinShares.
- On a relative basis, the total outflows of digital asset funds last week “remains small in comparison to the negative sentiment in early 2018, where outflows as a percentage of AUM totaled 4.9%.”
- Multi-asset digital investment products saw inflows of $6 million last week, suggesting that investors are seeking diversification across cryptocurrencies, beyond bitcoin and ethereum.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?