Analysts at the management company CoinShares state that the withdrawal of funds from financial products by institutional investors is associated with the “expectation of terrible monetary policy” by the US Federal Reserve.
In the week of June 6-10, institutional investors withdrew $101.5 million from crypto funds, CoinShares analysts said.
Inflation in the US reached 8.6% for the year, such an indicator has not been recorded since 1981. Therefore, most financial experts expect an increase in base rates. Against this background, investors withdraw funds from risky assets.
According to CoinShares, $56.8 million was withdrawn from investment products to bitcoin. Ethereum was in second place in terms of outflow – $40.7 million from funds. There was also an outflow in multicurrency funds, which lost $4.7 million. Other investment products showed a positive balance at the end of the week, but the inflow of funds was very small.
The company 3iQ lost the most – $72.1 million was withdrawn from its funds, which is about 5% of the total investment. Also, $43.4 million was withdrawn from the Purpose bitcoin futures ETF. Funds lost ETC and CoinShares XBT products. And Grayscale reported an inflow of $300,000. ProShares funds received the most funds ($24.2 million).
“Bitcoin’s depreciation over the past six months, in fact, means a new crypto winter, which can be explained as a direct result of the increasingly hawkish rhetoric of representatives of the US Federal Reserve,” analysts at CoinShares said.
A week earlier, the total inflow of funds into cryptocurrency investment funds amounted to $100 million
SOURCE: https://bits.media
