Crypto Funds See $528M Outflows as Bitcoin and Ethereum Bleed
According to the latest report from CoinShares, the crypto sector has seen a $528 million outflow of capital as the market turned bearish.
Key points:
- Crypto funds saw outflows for the first time in four years.
- Bitcoin saw outflows totaling $400 million.
- Ethereum outflows hit $146 million.
- Major altcoins show double-digit losses as the market cap drops below $2 trillion.
CoinShares data shows that the crypto investment products witnessed an outflow for the first time in four weeks. The report cited that this could be primarily due to the US, geopolitical concerns and large scale liquidations.
The recent price correction also wiped off $10 billion in total ETP assets under management.
US saw major outflows at $531 million
In terms of the regional analysis, the United States witnessed $531 million in outflows. Following suit, Germany and Hong Kong saw $12 million and $27 million outflows, respectively.
On the other hand, Canada and Switzerland enjoyed inflows of $17 million and $28 million, respectively.
CoinShares highlighted that Bitcoin saw outflows that touched $400 million. This outflow is the first after 5 weeks of continued inflows.
Ethereum was no exception, as it witnessed a $146 million outflow. This brings the net outflows since the ETF launch in the US to $430 million. The crypto funds report comes at a time when the global crypto market cap has undergone a major correction.
The global crypto market cap nosedived below $2 trillion and is now standing at $1.78 trillion. Almost 18% of the crypto market cap was wiped off in the last 24 hours as Bitcoin touched $49,000 briefly.
Ethereum and other major altcoins, including Solana, have exhibited double-digit losses as fear grapples with the market.
