Crypto funds post second week of outflows as altcoins buck the trend
After two consecutive weeks of outflows totaling $1.5 billion, assets under management in crypto ETPs fell to $207.5 billion, the lowest level since mid-July.
Cryptocurrency investment products faced heightened selling pressure last week as crypto funds recorded a second consecutive week of outflows amid ongoing negative sentiment in the markets.
Crypto exchange-traded products (ETPs) saw $1.17 billion in outflows last week, up around 70% from $360 million recorded the previous week, CoinShares reported Monday.
CoinShares’ head of research, James Butterfill, attributed the sell-off to the ongoing negative crypto market trend following the Oct. 10 flash crash, along with uncertainty over a potential US interest rate cut in December.
