Investors Withdraw $942M from Crypto Funds

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According to CoinShares’ latest review, there was a significant decrease in cryptocurrency investment products from March 16 to 22, with a total outflow of $942 million. This follows a record inflow of $2.92 billion the previous week.

This decrease marked the end of seven consecutive weeks of positive inflows, with a total of $12.3 billion invested during this period.

The trade turnover also decreased to $28 billion from the previous week’s record of $43 billion. The main contributing factor to this decline was the outflow of $2 billion from GBTC, Grayscale’s Bitcoin fund.

This surpassed the net inflows of its competitors, which amounted to $1.1 billion. As a result, a record $904 million was withdrawn from Bitcoin-related instruments, following the highest ever inflows of $2.86 billion in the previous week.

The recent price correction is believed to have caused hesitancy among investors, resulting in a decrease in new investments in US ETFs.