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Home News Crypto

Bitcoin Outflows Surge to $1.2 Billion: Is Crypto Losing Its Shine?

by Team Lumida
June 25, 2024
in Crypto
Reading Time: 3 mins read
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Key Takeaways

  • Bitcoin funds saw $630 million outflows last week, totaling $1.2 billion over two weeks.
  • Ether experienced $58 million outflows despite recent positive ETF news.
  • Solana, Litecoin, and Polygon saw $5 million in inflows.

What Happened?

Bitcoin investment products experienced massive outflows, totaling $1.2 billion over two consecutive weeks, according to CoinShares International Ltd. Specifically, last week alone saw $630 million leave Bitcoin funds, with Fidelity’s Bitcoin fund witnessing the highest outflows at $270 million and Grayscale’s fund losing more than $150 million.

The broader crypto market was also hit hard, with total digital asset product outflows reaching $584 million for the week ending June 21. Bitcoin’s price mirrored these outflows, falling around 4% to $61,100 on Monday. Ether, the second-largest cryptocurrency, also saw $58 million in outflows last week, reversing the prior two weeks’ inflows of $82 million. Despite positive ETF news, Ether’s price dropped 4% to $3,300. Interestingly, alternative cryptocurrencies like Solana, Litecoin, and Polygon managed to attract $5 million in positive inflows.

Why It Matters?

The significant outflows from Bitcoin and Ether investment products indicate a cooling demand for cryptocurrency ETFs and growing market uncertainty. The decline in Bitcoin and Ether prices, despite recent favorable regulatory news, suggests that investors are cautious, possibly due to uncertainties in monetary policy and broader economic conditions.

This trend could signal a shift in market sentiment, affecting not just the cryptocurrencies but also the broader financial markets. Fidelity and Grayscale, two major players in the Bitcoin fund space, experiencing such high outflows, could influence other investors’ confidence, leading to further withdrawals.

What’s Next?

Watch for potential stabilization or further declines in Bitcoin and Ether prices. The market’s reaction to ongoing monetary policy decisions and regulatory updates will be crucial. Investors should monitor whether the positive inflows into alternative cryptocurrencies like Solana, Litecoin, and Polygon continue, as this could indicate a shift in investment preferences within the crypto market.

Additionally, any new developments in ETF approvals or regulatory changes could significantly impact market dynamics. Keep an eye on management commentary from leading crypto funds to gauge future market sentiment and investment strategies.

Source: Bloomberg
Tags: BitcoinCoinSharesEtherFidelityGrayscale
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© 2025 Lumida Wealth Management LLC is an SEC registered investment adviser. Privacy Policy. Cookies Policy.
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Lumida's website (referred to herein as the "Website") is limited to the dissemination of general information pertaining to its advisory services, together with access to additional investment-related information, publications, and links. Accordingly, the publication of the Website on the Internet should not be construed by any client and/or prospective client Lumida’s solicitation to effect, or attempt to effect transactions in securities, or the rendering of personalized investment advice for compensation, over the Internet.

Any subsequent, direct communication by Lumida with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides.

‍Lead Capture Forms: By submitting your contact information in the forms on this site, you are not obligated to invest in Lumida's product or services.
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