Investment products related to Bitcoin witnessed an increase in outflows, totaling $630 million last week, with a cumulative outflow of around $1.1 billion over the past two weeks, as reported by CoinShares.
The “Weekly Digital Asset Fund Flows” report by CoinShares revealed that outflows from all cryptocurrency investment products in the market reached $584 million in the week ending June 21. This was attributed to the recent FED interest rate decision that impacted global markets, leading to uncertainties surrounding interest rate cuts.
James Butterfill, Head of Research at CoinShares, suggested that the outflows in ETFs and price declines were influenced by the German government’s sale of BTC and comments made by a Mt. Gox official regarding Bitcoin repayments.
Farside Investors’ data also played a crucial role in the market, showing that institutional companies experienced outflows of $544.1 million from spot Bitcoin ETFs between June 17 and June 21, with the largest outflows seen in Fidelity’s FBTC, surpassing $271 million.
Regarding Bitcoin’s price update, the cryptocurrency continued its downward trajectory, dropping by 6.5% last week. BTC’s price fell below $60,000 on June 24 after opening at $63,170.
Crypto analyst Jelle and Trader Dom’s Crypto highlighted key levels for Bitcoin’s progress in recent posts. Coinglass data revealed a significant liquidation of over $155.22 million in BTC long positions within 24 hours when the $60,450 level was breached.
Investors are advised to conduct their own research as cryptocurrencies carry high volatility and risk. The information in this article does not constitute investment advice. Follow our news on Telegram, Facebook, Twitter, and Coinmarketcap for the latest financial updates.