According to data from a CoinShares report, the total weekly outflow of the cryptocurrency market reached $600 million on June 14.
A June 17 report revealed that digital asset exchange-traded products and funds saw Capital of $600 million last week, marking the most significant Capital since June 17. March 22.
According to CoinShares' latest “Digital Asset Fund Flows” report , Capital were mainly from Bitcoin BTC Investment Vehicles worth $65,427, with weekly Capital of $621 million. In contrast, short Bitcoin funds saw weekly Capital of $1.8 million.
The report points to a more hawkish outlook than expected from the Federal Reserve, meaning maintaining high interest rates, as a possible culprit for Capital flight from fixed-supply assets like Bitcoin.
Altcoins generally performed well last week, with $13.2 million flowing into Ethereum investment vehicles, $2 million into LIDO investment products and $1.1 million into investment products XRP.
Additionally, BNB, Litecoin, Cardano , and Chainlink investment products also saw small weekly inflows.
Despite the initial interest surrounding the launch of Spot Bitcoin ETFs in the United States, many experts believe that institutional adoption of digital assets is still in its infancy.
Marc Degen, co-founder of blockchain company Trust Square, recently Chia his belief that corporate Bitcoin adoption is still in the “amateur league” phase. The co-founder illustrated his point using Bitcoin ETF Capital . Degen explained that Bitcoin ETFs have accumulated between $60 billion and $70 billion to date, with total Assets Under Management globally reaching $100 billion at the beginning of June.
Degen puts this number into broader perspective by comparing total digital asset Capital with JPMorgan Capital . In 2023, the banking giant saw a net new customer influx worth $489 billion. This financial institution has received more Capital inflows in a single year than the entire Bitcoin investment fund ecosystem through a variety of exchange-traded funds, exchange-traded products and asset escrow services.
Franklin Templeton CEO Jenny Johnson recently expressed a similar view and argued that institutional adoption is still in the early stages, with strong institutional interest and Capital deployment to create a second wave of investment.
Please continue to follow Coin Moi to stay updated with the latest news in the market!
The post Cryptocurrency markets see biggest weekly outflow since March appeared first on CoinMoi .
