Cryptocurrency Funds Suffer $93.2M Outflows After Decade-Long Inflow Streak

Bitcoin ETFs See $93.2M in Net Outflows After 10 Straight Days of Inflows

The bitcoin exchange-traded fund (ETF) market has experienced a significant shift in sentiment, with $93.2 million in net outflows reported over the past 24 hours. This sudden change comes after a streak of 10 consecutive days of inflows, which saw investors pouring money into the market.

According to data from CoinShares, the net outflows were driven by a decline in investment in the ProShares Bitcoin Strategy ETF, which saw outflows of $85.5 million. The VanEck Bitcoin ETF also experienced outflows, with $7.7 million leaving the fund.

The sudden reversal in sentiment is a stark contrast to the previous 10 days, during which investors poured $143.8 million into the bitcoin ETF market. This inflow was largely driven by the ProShares Bitcoin Strategy ETF, which saw inflows of $123.5 million over the period.

The shift in sentiment is likely due to a combination of factors, including concerns over the stability of the global financial markets and the impact of rising interest rates on the value of cryptocurrencies. Additionally, the recent decline in the price of bitcoin, which has fallen by around 10% over the past week, may have also contributed to the outflows.

Despite the recent outflows, the bitcoin ETF market remains a significant player in the digital asset space, with assets under management reaching a record high of $2.3 billion in the past quarter. The market is expected to continue to play an important role in the growth and development of the cryptocurrency industry.

In related news, the Securities and Exchange Commission (SEC) has announced that it will be conducting a review of the bitcoin ETF market, with a focus on ensuring the integrity and transparency of the market. The review is expected to be completed in the coming months.