Bitcoin investment products saw around $600 million in outflows for a second consecutive week, the most over a two-week period since the US approved exchange-traded funds to hold the largest cryptocurrency in January.
Overall, digital asset products were hit with $584 million in outflows in the week ended June 21, data from CoinShares International Ltd. show. Bitcoin products accounted for the majority, with $630 million in outflows coming in the wake of another $600 million the prior week.
Fidelity’s Bitcoin fund saw the most outflows at $270 million, while Grayscale’s fund lost more than $150 million, according to a report from the digital asset manager and crypto research firm.
Losses are piling up in the crypto market on Monday, a reflection of the cooling demand for Bitcoin ETFs and uncertainty over monetary policy. Bitcoin has slumped for two straight weeks, and was about 4% lower on Monday to around $61,100.
Ether, the second largest cryptocurrency, saw $58 million in outflows last week. That’s a reversal for the prior two weeks, when Ether took in a total of $82 million, riding on the coattails of surprise decision from the SEC to allow Ether ETFs. But the positive inflows and ETF potential hasn’t led to a higher price for the digital asset. Ether has fallen for four consecutive weeks, and was down about 4% to $3,300 on Monday.
Other alternative cryptocurrencies including Solana, Litecoin and Polygon saw positive inflows totaling around $5 million.
This article was provided by Bloomberg News.