Bitcoin funds faced the biggest weekly capital outflow since June 2021

The outflow amounted to $133 million, the last seen a year ago after China banned mining and Tesla refused to accept BTC

04.05.2022 - 09:35

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What’s new? Last week, $133 million was withdrawn from bitcoin funds, the largest capital outflow since June 2021. The data comes from the latest version of CoinShares’s analytical report.

The full version of the report

What other information is contained in the report? CoinShares notes that $132,7 million was withdrawn from bitcoin funds a week earlier, and a total of $310,8 million in the past month. The outflow of funds from Ethereum funds amounted to $25 million. CoinShares attributes this to the tightening of the monetary policy by the US Federal Reserve System.

The last time such sentiment in the market was in June 2021, then the outflow for the week amounted to $79 million. This was influenced by China’s introduction of a ban on mining and the cessation of Tesla car sales for bitcoins.

What events happened before? In March 2022, CoinShares, a digital asset management company, announced the purchase of an additional 20,8% stake in the Swiss regulated bank FlowBank. The deal totaled 24,74 million francs ($26,38 million at the exchange rate on March 15, 2022). The agreement brought CoinShares’ total stake to 29,3%.

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