According to the latest report from CoinShares, investment products related to the cryptocurrency Bitcoin witnessed a significant increase in outflows, reaching $630 million last week. The total outflows over the past two weeks amounted to approximately $1.1 billion.
The “Weekly Digital Asset Fund Flows” report by CoinShares revealed that outflows from all cryptocurrency investment products in the market reached $584 million in the week ending June 21. The recent decision by the FED on interest rates had a global impact, leading to uncertainties and significant outflows in ETFs.
James Butterfill, Head of Research at CoinShares, attributed the recent outflows in ETFs and price declines to the German government’s sale of BTC and comments from a Mt. Gox official regarding Bitcoin repayments. Farside Investors data also showed institutional companies experiencing $544.1 million in outflows from spot Bitcoin ETFs between June 17 and June 21, with Fidelity’s FBTC seeing the largest outflows.
As for Bitcoin’s price update, the cryptocurrency continued its downward trend, dropping by 6.5% last week. BTC’s price fell below $60,000 after opening at $63,170 on June 24. Crypto analyst Jelle and Trader Dom’s Crypto shared their insights on key levels for Bitcoin’s progress.
Coinglass data indicated a significant liquidation at the $60,450 level, with over $155.22 million in BTC long positions being liquidated in the past 24 hours. Investors are advised to conduct their own research as cryptocurrencies carry high volatility and risk.
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