April 14, 2024

MediaBizNet

Complete Australian News World

Bitcoin ETFs and cryptocurrency funds lost nearly $1 billion last week due to investor “hesitation.”

Bitcoin ETFs and cryptocurrency funds lost nearly $1 billion last week due to investor “hesitation.”

After a strong streak of gains for several weeks, investors last week pulled nearly $1 billion from cryptocurrency investment products.

A new report from digital asset fund manager CoinShares on Monday Projected numbers appear That $942 million came out of funds, such as those that give investors exposure Bitcoin, Ethereum, SolanaAnd Cardano.

“Investor hesitation led to net outflows of $942 million,” the report said, adding that the decline in the price of Bitcoin last week led to the outflows. Last week Bitcoin saw a collapse after the previous week reaching a new all-time high. It has since struggled to surpass its November 2021 high of $69,000 per coin, though it finally managed to break through early Monday.

Most of the focus has been on Bitcoin, with huge amounts of money leaving Grayscale's newly converted exchange-traded fund (ETF). GBTC. It was the investors Fast recovery Shares of the ETF since it evolved from a primarily closed-end fund in January.

But despite the greyscale outflows, cash still hits others Bitcoin ETFsincluding BlackRock's iShares Bitcoin Trust and Fidelity Wise Origin Bitcoin Trust, the report said.

Elsewhere, crypto funds in Europe that give investors exposure to altcoins have also seen significant outflows.

Before last week's outflows, investors had… Infusion of cash in cryptocurrency investment products for seven consecutive weeks. the Newly approved Spot bitcoin ETFs — which got the green light from the SEC in January — have been particularly popular.

Bitcoin price It currently stands at $70,644, according to CoinGecko, up 7.5% over the past 24 hours but still below the new all-time high of $73,737, which it touched earlier this month.

READ  Bob Lee, founder of the Cash app, 43, has been stabbed to death in San Francisco

Edited by Andrew Hayward

Disclaimer

The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment or other advice.

Stay on top of cryptocurrency news and get daily updates in your inbox.