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Crypto Funds See Almost $500 Million in Outflows Over Nine Weeks
Despite wins against the US Securities and Exchange Commission and new Bitcoin ETF filings, investors withdrew nearly half a billion dollars from cryptocurrency products over the last nine weeks. The crypto market saw outflows totaling $54 million last week, making it the fifth consecutive week of selloffs, according to a new report by CoinShares. Bitcoin comprised 85% of outflows, reaching $45 million. “A lot of investors are concerned that the crypto market has seen some good news in recent months and it has not helped the Bitcoin and others to rally at all,” Matt Maley, chief market strategist at Miller Tabak ... (full story)