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Tuesday, 03 October 2023
The outflow of funds from crypto funds has reached almost half a billion in 9 weeks -CoinShares

The outflow of funds from crypto funds has reached almost half a billion in 9 weeks -CoinShares

According to a report by asset manager Coinshares, the outflow of products traded on crypto exchanges (ETPs) has reached $ 455 million in the last nine weeks. The exit of etp usually indicates a negative attitude towards cryptocurrencies.Let's analyze the latest dynamics of the development of digital investment products. Here's our #Fundflows with @jbutterfill. Last week, the outflows were US$ 54 million. In the last 9 weeks, 8 fund outflows were recorded, the total amount of which was US $ 455 million. 1/4 pic.twitter.com/23TRrTuN3LCrypto exchange products are designed to track the prices of cryptocurrencies. When the stocks of these funds fall below their target prices, they sell cryptocurrencies, which causes their outflowspassing. An outflow of funds of $54 million was seen during the last week up to September 18 - a nine-week hedge, in which the inflow was observed for only one week. Bitcoin (BTC) experienced the biggest Deceleration among all the exchange-traded products and accounted for 85% of all outflows of these funds. Last week, ETPs sold more than $45 million worth of bitcoins.Ether (ETH) funds were also not protected from the avalanche of selling. They saw an outflow of funds of about $5 million last week.Despite this outflow, several ETPs representing altcoins showed good results last week. The Solana ETP (SOL) showed a net inflow of $700,000, Cardano (ADA) gained $430,000, and XRP (XRP) added $130,000.CoinShares has also provided software data the regional origins of crypto output are ETP. The share of the United States accounted for 77% of the outflows, while Germany, Canada and Sweden also accounted for a significant percentage of outflows.Crypto-ETPs offer investors with traditional financial accounts an easier way to invest in digital assets. However, the release of the spot Bitcoin exchange fund has faced numerous regulatory and legal obstacles in the United States. In March, the Securities and Exchange Commission (SEC) rejected Vanek's proposal to create a Bitcoin trust. On August 11, the US federal appeals court ruled that the Sec had shown arbitrariness and capriciousness by rejecting etp's grayscale offer for Bitcoin.

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