In the past week, withdrawals from Bitcoin BTC investment products totaled approximately $630 million, with total outflows reaching about $1.1 billion over the past 14 days, according to CoinShares.

CoinShares' weekly report "Digital Asset Fund Flows Weekly" reveals that total withdrawals from all cryptocurrency investment products amounted to $584 million by the week ending June 21.

This decrease in cryptocurrency investment is primarily attributed to institutions and long-term investors reducing their exposure to spot Bitcoin ETFs, amid reduced expectations of interest rate cuts by the US Federal Reserve in 2024.

James Butterfill, head of research at CoinShares, wrote:

"We believe this is a reaction to investor pessimism about the Fed's interest rate cut outlook for this year."

The report also highlighted a decrease in weekly trading volumes, reaching $13.6 billion, marking "the lowest traded volume in spot Bitcoin ETPs globally since the launch of spot Bitcoin ETFs in the US in January." Cryptocurrency funds now manage $92.2 billion in assets.

The recent decline in purchases and price reductions is primarily driven by the sale of BTC by the German government and market anticipation regarding Bitcoin refunds by the Mt. Gox trustee.

Continuing alongside the Bitcoin price correction in the past week are ongoing withdrawals from spot Bitcoin ETFs.

Data from Farside Investors shows that institutions withdrew nearly $544.1 million from spot Bitcoin ETFs between June 17 and 21. Fidelity's FBTC saw withdrawals spike dramatically to $271 million in the week. #Bitcoin❗ #BTC☀ #Cryptocurrencies #Altcoins👀🚀 #btcupdates2024