Crypto Funds See $206 Million in Weekly Outflows as Investors 'Fret' Over Interest Rates: CoinShares

Crypto investment products at asset managers such as Ark Invest, Bitwise, Fidelity, Grayscale, ProShares and 21Shares registered a second-consecutive week of outflows totaling $206 million globally last week, according to CoinShares' latest report. "The data suggests appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected" CoinShares Head of Research James Butterfill wrote. Last week's trading volume for global exchange-traded products also fell slightly to $18 billion, representing 28% of total bitcoin trading volume compared to 55% a month ago, Butterfill added — when daily Bitcoin BTC/USD exchange-traded fund volume hit a peak of nearly $10 billion.

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