Record $1B Exited Crypto Funds Last Week: CoinShares
Summary
Digital asset investment products experienced record weekly outflows last week, led by $2 billion in exits from the Grayscale Bitcoin Trust (GBTC). The total crypto fund outflows amounted to $942 million, breaking a seven-week streak of inflows totaling $12.3 billion. This coincided with a drop in the price of bitcoin from $73,000 to below $61,000. CoinShares attributed the outflows to investor hesitancy due to the price correction. Despite this, altcoins saw $16 million of net inflows, particularly into polkadot, avalanche, and litecoin. The surge in outflows was primarily driven by GBTC, with potential selling pressure from the bankruptcy estate of Genesis Global, which holds millions of shares in the fund.
