After a powerhouse run of several weeks of gains, investors last week pulled out close to $1 billion from crypto investment products.
A new report from digital asset fund manager CoinShares on Monday dropped figures showing that $942 million exited funds, such as those giving investors exposure to Bitcoin, Ethereum, Solana, and Cardano.
“Hesitancy amongst investors led to record net outflows of $942 million,” the report read, adding that Bitcoin’s price dip last week led to the outflows. Bitcoin last week experienced a crash after the week before touching a new all-time high. It has since been struggling to break above its November 2021 top of $69,000 per coin, though it finally cracked through early Monday.
Most of the focus was on Bitcoin, with huge amounts of money exiting Grayscale’s newly converted exchange-traded fund (ETF), GBTC. Investors have been fast redeeming shares from the ETF since it evolved from an essentially closed-end fund in January.
But despite the Grayscale outflows, cash still hit other Bitcoin ETFs, including BlackRock’s iShares Bitcoin Trust and the Fidelity Wise Origin Bitcoin Trust, the report said.
Elsewhere, crypto funds in Europe giving investors exposure to altcoins also experienced significant outflows.
Previous to last week’s outflows, investors had pumped cash into crypto investment products for seven weeks in a row. The newly approved spot Bitcoin ETFs—given the green light by the Securities and Exchange Commission in January—have been particularly popular.
Bitcoin’s price currently stands at $70,644, according to CoinGecko, up 7.5% in the past 24 hours but still below the new all-time high of $73,737 it touched earlier this month.