Ramazan Eles 
Cryptocurrency funds experienced substantial outflows last week, losing a net of $528 million, according to a weekly report by Coinshares. This marks the first time in four weeks that crypto funds have recorded net outflows. Bitcoin funds saw outflows of $400 million, while Ether funds experienced outflows of $146.3 million.
Analysts attributed the outflows to growing geopolitical concerns and fears of a US recession. The recent Federal Reserve interest rate hike, which followed a period of significant Bitcoin price appreciation, has added to market uncertainty. Bitcoin’s price declined from around $70,000 to $63,000 in the week following the Fed’s announcement.
Despite the overall bearish sentiment, some altcoin funds saw minor inflows. Litecoin funds received $200,000 in investments, while XRP funds attracted $400,000. Additionally, “short-Bitcoin” funds, which profit from a decline in Bitcoin’s price, saw inflows of $1.8 million. Solana funds, on the other hand, experienced outflows of $2.8 million.
The United States accounted for the largest outflows from crypto funds, with investors withdrawing $531 million. Switzerland was the second-largest source of outflows, with $27 million.
BlackRock’s Bitcoin fund, IBIT, was the week’s top performer, seeing inflows of $370 million. However, Grayscale’s two largest funds experienced significant outflows. Grayscale’s Ethereum fund saw outflows of $603 million, while its Bitcoin fund recorded outflows of $239 million.
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