$584M Outflow From Crypto Products
Tether Announces Strategic Transition, Second Wave of ZK Token Airdrop Claims Opens
Crypto investment products have collectively seen an $584 million outflow between June 17 and June 21 as crypto ETP trading volumes hit new lows.
According to CoinShares in their "Digital Asset Fund Flows Weekly" report, the total outflows from crypto investment products in 14 days have reached around $1.1 billion.
CoinShares research head James Butterfill believes this is the reaction to the reduced possibility of interest rate cuts this year.
Crypto ETP volumes have reached the lowest point globally since the U.S. launch of spot Bitcoin ETFs.
Adding to the sell-off, the German government has sold 6,500 Bitcoins that have been previously seized, as per Arkham Intelligence.
Also, the ongoing Mt. Gox's repayment of Bitcoin Core and Bitcoin Cash to its creditors that started earlier this month.
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