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<ul> 
 <li>Bitcoin investment products saw a massive $630 million outflow in the past week, totaling approximately $1.1 billion over 14 days.</li> 
 <li>Institutions and long-term investors reduced exposure to spot Bitcoin ETFs due to uncertainty about interest rate cuts by the U.S. Federal Reserve in 2024.</li> 
 <li>Weekly trading volumes dropped to $13.6 billion, the lowest since the launch of U.S. spot Bitcoin ETFs in January.</li> 
</ul> 
<p>In a recent <a href="https://blog.coinshares.com/volume-188-digital-asset-fund-flows-weekly-report-2582269d7257">report by </a><a href="https://blog.coinshares.com/volume-188-digital-asset-fund-flows-weekly-report-2582269d7257" target="_blank" rel="noreferrer noopener nofollow">CoinShares</a>, outflows from Bitcoin (BTC) investment products have surged, reaching $630 million over the past week. The total outflows in the last 14 days have amounted to approximately $1.1 billion.&nbsp;</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f4c9.png" alt="📉" class="wp-smiley" style="height: 1em; max-height: 1em;">Digital asset investment products saw outflows for the second week in a row, totalling US$584m. <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> was the main focus, with outflows of US$630m, while multi-asset products saw inflows of US$98m.<br><br>Get more insights in our full report: <a href="https://t.co/hEZIoSiMLU">https://t.co/hEZIoSiMLU</a> <a href="https://t.co/8hNAfZ5hzD">pic.twitter.com/8hNAfZ5hzD</a></p>— CoinShares (@CoinSharesCo) <a href="https://twitter.com/CoinSharesCo/status/1805207787649003705?ref_src=twsrc%5Etfw">June 24, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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</figure> 
<p>Specifically, for the week ending June 21, all cryptocurrency investment products experienced a total outflow of $584 million. The decline in investment in crypto products is primarily attributed to institutions and long-term investors reducing their exposure to spot Bitcoin ETFs.&nbsp;</p> 
<p>This cautious approach comes amid the reduced likelihood of interest rate cuts by the United States Federal Reserve in 2024. According to <a href="https://uk.linkedin.com/in/james-butterfill">James </a><a href="https://uk.linkedin.com/in/james-butterfill" target="_blank" rel="noreferrer noopener nofollow">Butterfill</a>, CoinShares’ Head of Research, this trend reflects investor pessimism regarding the prospect of interest rate cuts by the Fed this year.</p> 
<p>Additionally, the report highlights a reduction in weekly trading volumes, which reached $13.6 billion. Notably, this represents the lowest volumes traded on ETPs globally since the launch of U.S. <a href="https://cryptonewsland.com/us-bitcoin-etfs-record-152m-outflow-in-continued-downtrend/" target="_blank" rel="noreferrer noopener">spot Bitcoin ETFs</a> in January.&nbsp;</p> 
<h2 class="wp-block-heading" id="h-factors-contributing-to-btc-s-dip">Factors Contributing to BTC’s Dip</h2> 
<p>Despite these outflows, crypto funds still manage a substantial $92.2 billion in assets. Several factors contribute to the recent drop in Bitcoin prices.&nbsp;</p> 
<p>Firstly, the German government’s sale of BTC has impacted the market. Secondly, there is anticipation surrounding Bitcoin repayment from the Mt. Gox trustee. These developments have led to a decrease in buying activity and subsequent price corrections.</p> 
<p>Accompanying Bitcoin’s price decline are continued outflows from spot Bitcoin ETFs. Data from Farside Investors reveals that institutions withdrew nearly $544.1 million from these ETFs between June 17 and June 21.&nbsp;</p> 
<p>Fidelity’s FBTC saw a dramatic surge in outflows, reaching $271 million for the week. As of June 24, <a href="https://cryptonewsland.com/bitcoins-fall-below-61k-miners-etfs-and-government-sales-drive-decline/">Bitcoin’s price dropped to $</a><a href="https://cryptonewsland.com/bitcoins-fall-below-61k-miners-etfs-and-government-sales-drive-decline/" target="_blank" rel="noreferrer noopener">60,544</a>, marking a 6.5% decline over the past week.&nbsp;</p> 
<h4 class="wp-block-heading" id="h-read-also">Read Also&nbsp;</h4> 
<ul class="wp-block-yoast-seo-related-links">
 <li><a href="https://cryptonewsland.com/crypto-forecast-blockdags-june-2024-presale-surge-polkadot-downturn-solana-meme-coin-take-off/">Crypto Forecast: BlockDAG’s June 2024 Presale Surge, Polkadot Downturn, Solana Meme Coin Take Off</a></li>
 <li><a href="https://cryptonewsland.com/crypto-conundrum-ripples-legal-limbo-dogeverses-doubtful-dance-or-moonbags-mission-to-the-top-crypto-presale-in-june-2024/">Crypto Conundrum: Ripple’s Legal Limbo, Dogeverse’s Doubtful Dance, or MoonBag’s Mission to the Top Crypto Presale In June 2024?</a></li>
 <li><a href="https://cryptonewsland.com/us-spot-bitcoin-etfs-report-226m-outflows-fidelitys-fbtc-leads/">US Spot Bitcoin ETFs Report $226M outflows, Fidelity’s FBTC leads</a></li>
 <li><a href="https://cryptonewsland.com/spot-bitcoin-etfs-suffer-145-83-million-outflows-amid-market-uncertainty/">Spot Bitcoin ETFs Suffer $145.83 Million Outflows Amid Market Uncertainty</a></li>
 <li><a href="https://cryptonewsland.com/us-bitcoin-etfs-record-152m-outflow-in-continued-downtrend/">US Bitcoin ETFs Record $152M Outflow in Continued Downtrend</a></li>
</ul> 
<p>The post <a href="https://cryptonewsland.com/bitcoin-stumbled-to-60000-triggering-a-584-million-crypto-investment-outflow/">Bitcoin Stumbled to $60,000 Triggering a $584 Million Crypto Investment Outflow</a> appeared first on <a href="https://cryptonewsland.com">Crypto News Land</a>.</p>

Bitcoin Stumbled to $60,000 Triggering a $584 Million Crypto Investment Outflow

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