CoinShares says ‘true correction’ underway after $544 million outflow from spot Bitcoin ETFs last week | Headlines | News | CoinMarketCap
06/24/2024 19:53
U.S. spot Bitcoin exchange-traded funds witnessed a combined $544.1 million in net outflows last week, surpassing $1.1 billion over the past …
U.S. spot Bitcoin exchange-traded funds witnessed a combined $544.1 million in net outflows last week, surpassing $1.1 billion over the past fortnight.
Globally, digital asset investment products witnessed outflows totaling $584 million for the second consecutive week, according to CoinShares’ latest report. The exchange-traded products also registered their lowest trading volumes since the U.S. spot Bitcoin ETFs launched in January at just $6.9 billion.
“We believe this is in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the FED this year,” CoinShares Head of Research James Butterfill wrote, adding that the further outflows indicated a “true correction is underway.”