The majority of the withdrawals came from Bitcoin investment vehicles.
The overall value of digital AUM fell from $100 billion to $94 billion last week.
The biggest notable outflow since March 22 was $600 million last week from digital asset exchange-traded products and funds, according to a report dated June 17. The majority of the withdrawals came from Bitcoin investment vehicles, as stated in the most recent CoinShares “Weekly Asset Fund Flows” report.
The opposite is true for short Bitcoin funds, which received $1.8 million last week. Money is fleeing fixed-supply assets like Bitcoin, according to the research, and the Federal Reserve’s more hawkish-than-expected outlook is to blame. This implies that interest rates will remain high.
Altcoins Survive the Wrath
Investment vehicles for Ether received $13.2 million last week, while LIDO investment products received $2 million and XRP received $1.1 million. This indicates that altcoins as a whole had a good week. Also, there were minor weekly inflows into BNB, Litecoin, Cardano, and Chainlink investment products.
The overall value of digital assets under management fell from $100 billion to $94 billion last week, as investors dumped their money into altcoins, but it wasn’t enough to stop the selling. Many industry professionals feel that institutional investment in digital assets is in its early stages, notwithstanding the initial excitement over the introduction of Bitcoin ETFs in the US.
Several analysts recently said that corporations are only just beginning to use Bitcoin. They referenced the money flowing into Bitcoin ETFs. According to statistics, Bitcoin exchange-traded funds have raised $60–70 billion so far, and the total value of assets under management surpassed $100 billion in June.
Moreover, the price of Bitcoin is dwindling post the recent FOMC meeting, and hawkish U.S Economic data. At the time of writing, Bitcoin is trading at $65,699 as per data from CMC.
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