Last week witnessed a significant outflow of $435 million from cryptocurrency investment funds, attributed to growing inflation fears and stagnant inflows into Bitcoin ETFs, CoinShares reported.
This trend marks the third consecutive week of withdrawals, particularly noticeable in crypto exchange-traded products (ETPs), as Bitcoin's price hovers in the lower $60,000 range.
The bulk of the outflow involved Bitcoin funds shedding $423 million post the halving event, alongside Ether funds, which saw $38 million withdrawn, marking its seventh week of outflows.
Conversely, Solana and Litecoin ETPs bucked the trend by recording net inflows of $4.1 million and $3.1 million, respectively.
The ongoing outflows seem to stem from a slowdown in investments from new issuers, which experienced a significant drop from $254 million in the previous week to just $126 million last week.