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28 March 2024
A record amount of $942 million was withdrawn from cryptocurrency funds.

According to the CoinShares report, there was a withdrawal of $942 million from cryptocurrency investment products from March 16 to 22, which is a record value following the previous historic inflow of $2.92 billion.

There has been positive dynamics over seven weeks, during which $12.3 billion flowed into investment instruments. For example, this figure amounted to $10.6 billion for the entire year of 2021.

Trading volume amounted to $28 billion after the previous record week with a trading volume of $43 billion.

The main factor influencing the negative dynamics was the outflows from Grayscale’s GBTC amounting to $2 billion, exceeding the net inflows to its competitors, which amounted to $1.1 billion.

As a result, market participants withdrew a record amount of $904 million from Bitcoin-related investment instruments after the previous historic inflow of $2.86 billion last week.

“Recent price corrections have caused investor indecision, resulting in significantly lower inflows into new ETFs in the United States,” commented specialists.