Crypto exchanges, Crypto news

Over $420 million withdrawn from cryptofunds in a week

Из криптофондов за неделю вывели более $420 млн

The outflow of funds from cryptocurrency investment products for June 18-24 made the maximum in history $423 million. Such calculations were made by CoinShares analysts.

The specified data covered the fall of bitcoin price below the psychological level of $20,000. The previous anti-record for cryptocurrency flows was $198 million, which dates back to January 2022.

In relative terms, the situation looked better – AUM declined by 1.2%, while during the 2018 crypto peak, the weekly decline reached 1.6%.

Almost all of the withdrawn funds came from bitcoin-based products. The outflow of $453 million actually neutralized all of the inflows since the beginning of the year. A $490.7 million reduction in assets managed by the Purpose Bitcoin ETF contributed to such an outcome.

Other bitcoin products saw mixed dynamics. $15 million was invested by investors in bearish funds.

The driver was the launch of the ProShares Short Bitcoin Strategy ETF, which provided an opportunity to participate in such a strategy.

Ethereum funds, after 11 weeks of negative momentum, recorded inflows of $11 million.

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