Record Outflow From Crypto Funds

According to CoinShares data, there was a record outflow of $942 million from global crypto funds last week.

There was a record outflow from cryptocurrency funds last week.

More than $12 billion inflow into crypto funds for 7 consecutive weeks caused Bitcoin to reach its all-time high of $79,798 on March 14.

CoinShares International Research Manager James Butterfill stated that after that period, inflows reversed and bitcoin began to decline.

"The recent correction in the price made investors cautious and led to a reversal in net inflows," Butterfill shared in the report. he said. Butterfill said that there was an inflow of $1.1 billion into exchange-traded funds last week, and that these inflows offset Greyscale's outflow of $2 billion.

According to Bloomberg data, there was an outflow of $888 million from 10 bitcoin funds. This accounts for approximately 94 percent of total crypto flows.

According to CoinShares data, there was an outflow of approximately $43 million last week from funds holding Ether, Solana and Cardano. Altcoins, on the other hand, performed relatively positively. In the same period, there was an inflow of $16 million into tokens such as Avalanche and Litecoin.