Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.
Total crypto outflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6 per cent of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.
But CoinShares said ether inflows last week were mixed, “implying mixed opinions among investors.”
Ether was last up 1 per cent on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40 per cent.
The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43 per cent from the previous week.
