Investors Pull Back: $528 Million Vanishes From Crypto Funds Amid Economic Fear

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James Butterfill, the Head of Research at CoinShares, particularly attributed this exodus to mounting concerns over what they believe to be “a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes.” This mass withdrawal, according to Butterfill also coincided with a sharp market correction that erased roughly $10 billion from the total Exchange Traded Products (ETP) Assets Under Management (AUM) at the week’s close.

Related Reading: Bitcoin’s Price Potential: Analyst Maps Path To $700,000 And Beyond This figure was heavily influenced by a significant sell-off on Friday, where net outflows totalled $237.4 million, overshadowing any inflows earlier in the week.

Behind The Outflows The total of $528 million withdrawn from various crypto asset investment products last week alone comes on the heels of several notable economic pressures.

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Article Details

Author / Journalist: Samuel Edyme

Category: Crypto

Markets: United KingdomUnited States

Topics: Crypto Investment Products ETH Cryptocurrency Market News Coinshares Crypto market Crypto Ethereum Bitcoin Btc Etf

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-06 @ 07:00:44 (15 hours ago)

News Timezone: GMT +8:00

News Source URL: newsbtc.com

Language: English

Article Length: 486 words

Reading Time: 3 minutes read

Sentences: 75 lines

Sentence Length: 7 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © NewsBTC

News ID: 21953061

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About NewsBTC

Main Topics: Crypto

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