With $2.6 billion in withdrawals last week, Bitcoin took the hit as the biggest asset for global crypto ETPs.
According to CoinShares research head, a number of variables contributed to the crypto ETP slaughter.
The largest weekly sell-off ever occurred last week for cryptocurrency exchange-traded products (ETPs), with outflows hitting a record $2.9 billion. According to CoinShares, a European crypto investment business, $3.8 billion has been wiped out in worldwide crypto ETPs due to three weeks of outflows running concurrently.
According to CoinShares research head James Butterfill, a number of variables contributed to the crypto ETP slaughter. These included the $1.5 billion Bybit breach, the US Federal Reserve’s hawkish tone, and a previous 19-week inflow streak of $29 billion.
Bitcoin ETPs Face the Wrath
He went on to say that these factors probably caused some people to cash out. And others to lose faith in the asset class. With $2.6 billion in withdrawals last w
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