Reserve

Million

Read

Spot

<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">
 <div class="wp-block-embed__wrapper"> 
  <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> 
 </div>
</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

Table of Contents

Crypto News Land

دیگر آرٹیکلز 25 جون، 2024 پر پبلش کیے گئے ہیں

MoonBag Becomes the Top Crypto Presale in 2024 by Surpassing Over $2.9 Million in a Month

Web3 AI platform AGII Implements Token Burn Strategy for Enhanced Community Value

Ketokohan Gary Gensler di Balik Penerbitan Meme Coin SEC Berbasis Blockchain Ripple (XRP)

Bitcoin Crashes 30% Against Gold, Here’s Why Peter Schiff Warns Further Dip

5 Trending Cryptos to Watch in the Upcoming Bull Run: BlockDAG, Ethereum, Cardano, Solana, And Fa...

Louisiana Embraces Crypto With New Pro-Crypto Bill As It Bans CBDCs

Join our free newsletter for daily crypto updates!