Crypto Funds See $726M Outflows, 2nd Largest in History, Bitcoin Leads with $643M

Sep 9, 2024, 10:58 AM

Crypto funds experienced significant outflows last week, with a total of $726 million being withdrawn from digital asset investment products, according to CoinShares. This marks the 2nd largest weekly outflow in history and the largest since March, driven by uncertainty over potential US rate cuts. Bitcoin led the outflows with $643 million, followed by Ethereum with $98 million. Major asset managers such as BlackRock, Bitwise, Fidelity, and Grayscale were notably affected, with the outflows only below the 2022 levels when cryptocurrencies experienced a severe bear market.