CRYPTOCURRENCY : Global crypto funds have experienced the largest weekly outflows in crypto history, recording nearly $3 billion in withdrawals this week.
The Bitcoin ETF markets, which saw a fruitful first year after their approval in January last year, are some of the biggest losers this year.
The second-largest outflows in Bitcoin ETFs were recorded in May last year when the funds saw 11,964 BTC in outflows compared to the 14,579 BTC in outflows recorded this week.
U.S.-based BTC and ETH ETFs accounted for most of the weekly outflows recorded across global crypto investment funds.
BlackRock’s iShares Bitcoin Trust (IBIT) had the largest outflows among U.S.-based BTC ETFs, with $244.6 million in outflows on February 28. VanEck’s HODL and Grayscale’s GBTC also recorded outflows yesterday of $7.7 million and $33.3 million, respectively. February 28 was also the only day the ETFs had positive flows, recording over $94 million in inflows.
U.S.-based ETH ETF outflows this week were led by the BlackRock ETHA ETF, which recorded over $30 million in outflows as of February 28.
