Crypto fund outflows reach nearly half a billion over 9 weeks — CoinShares
Roughly $455 million in capital flowed out of crypto ETPs over the past nine weeks. ...
- Outflows from crypto exchange-traded products (ETPs) reached $455 million over the previous nine weeks, indicating negative sentiment towards cryptocurrencies.
- Bitcoin (BTC) accounted for 85% of all outflows, with over $45 million worth of Bitcoin sold into the market by ETPs last week.
- Ether (ETH) funds also experienced outflows of approximately $5 million.
- Despite the overall outflows, Solana (SOL) ETPs saw net inflows of $700,000, Cardano (ADA) gained $430,000, and XRP added $130,000.
- The U.S. was responsible for 77% of the outflows, followed by Germany, Canada, and Sweden.
- The issuance of a spot Bitcoin ETF has faced regulatory and legal barriers in the U.S., with proposals from VanEck and Grayscale being denied.
The sentiment towards cryptocurrencies in the article is predominantly negative, as indicated by the outflows from crypto ETPs and the mention of regulatory barriers for Bitcoin ETFs.