Digital Asset Products See $584M Outflows as Bitcoin Falls Below $60K Amid Mt. Gox Repayment Fears

Jun 24, 2024, 04:59 PM

Digital asset investment products experienced significant outflows last week, totaling $584 million, according to CoinShares. Bitcoin saw the largest outflows, amounting to $630 million, while Ethereum had outflows of $58 million. In contrast, multi-asset products saw inflows of $98 million. This marks the second consecutive week of outflows, the highest over a two-week period since the approval of exchange-traded funds (ETFs) for Bitcoin in January. Additionally, Bitcoin's price has fallen below $60,000 for the first time since May, with some attributing the decline to the upcoming Mt. Gox repayment. Coinbase also saw increased sell pressure, with over $100 million liquidated.