Second week of crypto fund outflows shows appetite ebbs for ETFs

The data suggest that investors are pulling funds “likely off the back of expectations that the Fed is likely to keep interest rates at these high levels for longer than expected,” CoinShares said in the report.

US spot ETFs, which began trading earlier this year after receiving approval from the US Securities and Exchange Commission, saw $192 million in outflows in the week, “but few investors saw this as an opportunity to short,” according to the report. Bitcoin, the largest cryptocurrency, climbed 3% to $66,588 as of 3:59 p.m. Monday in New York.

Funds holding Ethereum had outflows of $34.2 million, marking a sixth week of outflows.

Crypto-linked stocks saw an 11th consecutive week of outflows, totaling $9 million during the period, as “investors continue to worry over the consequences of the halving” on crypto-mining companies, according to the report.

Source: Forex-Markets-Economic Times