Bitcoin Funds Saw Over $450M Weekly Outflows As Price Fell To $17,760
Bitcoin BTC/USD funds saw more than $450 million in outflows last week as digital asset investment products saw the largest ever weekly outflows on record.
What Happened: According to data from CoinShares, the outflows were solely focused on Bitcoin which recorded $453 million worth of outflows.
“The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to $17,760 that weekend,” stated CoinShares in its weekly report examining fund flows.
Meanwhile, short-Bitcoin funds recorded $15 million worth of inflows after the launch of the ProShares Short Bitcoin Strategy ETF BITI last week, suggesting institutional investors were betting on further downside for the leading digital asset.
See Also: IS BITCOIN A GOOD INVESTMENT?
Besides Solana SOL/USD, which recorded moderate outflows of $100,000, all altcoin funds recorded inflows over the week, bringing net outflows down to $423 million.
Ethereum ETH/USD saw $10.9 million in inflows, while Cardano ADA/USD, Polkadot DOT/USD and Tron TRX/USD saw a cumulative $1.1 million worth of inflows.
Price Action: According to data from Benzinga Pro on Monday afternoon, Bitcoin was trading at $20,751.51 at press time, down 2.05% in the last 24 hours.
