CoinShares Records First Outflow of Funds From Crypto Funds in 8 Weeks

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The volume of funds in crypto investment products decreased by $110 million over the past weeks. CoinShares analysts have explained the outflow of funds by fears of tightening regulation of the industry.

$80 million of the $110 million was withdrawn by clients of funds based in North America. According to the company experts, this was a reaction to the signing of a decree by US President Joe Biden on the coordination of federal agencies in the regulation of cryptocurrencies.

$69.6 million was withdrawn from Bitcoin funds, $50.6 million from funds based on Ethereum. Mixed dynamics was observed in structures based on other altcoins: from -$0.9 million (Polkadot) to $0.2 million (Litecoin and Cardano).

The volume of funds in products based on a basket of cryptocurrencies increased by $11.7 million to $3.66 billion. Since the beginning of the year, they have been the leader in raising funds.

The head of the DeVere Group has predicted the growth of Bitcoin to $50,000 during March.