Digital asset products faced significant outflows totaling $584 million in the week ending June 21, according to data from CoinShares International Ltd. The majority of these outflows, amounting to $630 million, were attributed to Bitcoin products, following another $600 million outflow the previous week.
Fidelity’s Bitcoin fund experienced the largest outflows at $270 million, while Grayscale’s fund also saw substantial losses exceeding $150 million, as reported by the digital asset manager and crypto research firm.
The cryptocurrency market reflects ongoing losses on Monday, underscoring diminished demand for Bitcoin exchange-traded funds (ETFs) and uncertainty surrounding monetary policies. Bitcoin has seen declines over the past two weeks, dropping approximately 4% on Monday to hover around $61,100.
Ether, the second largest cryptocurrency, recorded outflows of $58 million last week, marking a reversal from the previous two weeks when it received a total of $82 million in inflows. Despite the SEC‘s decision to permit Ether ETFs, which initially buoyed optimism, the digital asset has now declined for four consecutive weeks, falling about 4% to $3,300 on Monday.
In contrast, several alternative cryptocurrencies including Solana, Litecoin, and Polygon witnessed positive inflows totaling around $5 million during the same period. This influx highlights continued investor interest in diversified digital assets amid broader market uncertainty.
The persisting outflows from major digital asset products underscore a cautious sentiment prevailing in the cryptocurrency market, despite sporadic positive developments in specific altcoins.
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