Bitcoin records a record exodus as caution continues against the largest cryptocurrency


Data from cryptocurrency management CoinShares, published on Monday, showed that bitcoin funds and products saw a record outflow of flows last week, as investors remained wary of the world’s largest cryptocurrency.

Bitcoin outflows totaled $141 million in the week ending June 4, accounting for 8.3% of the net inflows it attracted this year.

Since the beginning of the year, Bitcoin continues to show an inflow of $4.2 billion.

The data showed that the cryptocurrency sector as a whole suffered an outflow of $94.2 million last week.

Bitcoin tumbled Tuesday, as another bout of weakness hit the cryptocurrency market. The largest digital token was down about 6% at one point in Asian trading, and was at around $32,770 as of 11am in Hong Kong.

The Bloomberg Galaxy Crypto Index is down about 9%.

In contrast, Ethereum, the second largest cryptocurrency, continued to attract inflows of $33 million last week. Since the beginning of the year, inflows to Ether products and funds totaled $1 billion.

In contrast, Chief Investment Officer at hedge fund SkyBridge Capital, Troy Gaske, had predicted gold would rise to new highs next year, but said investors looking for alternatives to the currency with global debt should look to Bitcoin.

“Both are likely to rise even as the Federal Reserve moves to reduce asset purchases,” said Ghesky, who manages the $7.5 billion SkyBridge fund.

“We will stick with bitcoin and cryptocurrencies because we just think there is more upside,” he added. He explained that Bitcoin will experience greater volatility than gold will.


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