Bitcoin · Iran · Bitcoin Magazine
CoinShares’ data showed that investors pulled a total of $8 billion out of funds giving crypto exposure
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Last week, though, things reversed when $287 million hit crypto funds, CoinShares said, with the data so far showing that this week looks likely to be another positive streak.
Key facts
- Bitcoin’s price was up earlier this week, hitting a seven-day high of $65,501 on news that inflation in the US was softer than expected
- Since BTC’s October all-time high of $126,080, crypto markets have faced a battering as those investors have fast cashed out of the funds
- CoinShares’ data showed that investors pulled a total of $8 billion out of funds giving crypto exposure, “the worst run on record
- The price of Bitcoin has typically done well when US investors, previously excluded from crypto investing, have bought shares in exchange-traded funds approved in 2024
Summary
CoinShares has said that while investors have put money in crypto funds again, the Bitcoin price may still struggle. The Bitcoin bottom may be in, but don’t get your hopes up: It might struggle to go up anytime soon, according to one investment firm. A Friday report from European asset management firm CoinShares said that investors last week threw fresh cash at Bitcoin, and other crypto, exchange-traded products, indicating a change in sentiment. But other factors may hold digital asset markets from going higher, James Butterfill, head of research at CoinShares, wrote. “We have said for some time that Bitcoin has probably reached, or is close to, its floor,” the report read.