On August 5, Bloomberg reported that amid a global stock market sell-off, the prices of Bitcoin and Ethereum, the world's two largest cryptocurrencies, fell to their lowest levels in months, and investors rushed to sell Bitcoin and Ethereum exchange-traded fund (ETF) shares.
Bitcoin and Ethereum investment products saw outflows of $400 million and $146 million, respectively, in the week ended Aug. 3, according to data from CoinShares Ltd. Bitcoin ETFs experienced their biggest one-day outflow in about three months on Friday.
Bitcoin prices have plunged about 25% over the past week to around $50,000, their lowest level since late February, while Ethereum has fared even worse, falling more than 30% to around $2,200 over the same period.
U.S. stocks extended their weeks of losses on Monday, with the Nasdaq 100 and S&P 500 down 3.7% and 3.3%, respectively, as of 9:57 a.m. in New York.