Last week, cryptocurrency investors withdrew the largest amount of funds on a weekly basis, causing the asset size of related funds to sharply decline, Bloomberg reported on the 25th (local time).
According to a report from CoinShares International, a digital asset investment and research company, $942 million (approximately 1.26 trillion KRW) of investor funds flowed out of the cryptocurrency market last week. Of this, 94% (about $880 million) was recorded as outflows from 10 U.S. Bitcoin funds.
Recently, the cryptocurrency market had seen inflows for seven consecutive weeks, with more than $12 billion (about 16 trillion KRW) flowing in. This contributed to Bitcoin reaching an all-time high price of $79,798 on the 14th. However, following the subsequent downward correction, the inflow trend reversed.
James Butterfill, Head of Research at CoinShares, analyzed in the report that "due to the recent price correction, investors hesitated, and inflows into newly launched U.S. exchange-traded funds (ETFs) significantly decreased."
He added, "Although about $1.1 billion (approximately 1.5 trillion KRW) flowed into new ETFs last week, this was offset by outflows of $2 billion (approximately 2.7 trillion KRW) from existing Grayscale (ETF) funds during the same period."
The situation is similar for altcoin-related funds excluding Bitcoin. Funds holding Ethereum, Solana, Cardano, and others saw a net outflow of about $43 million last week. However, tokens such as Polkadot, Avalanche, and Litecoin recorded inflows of $16 million during the same period, showing relatively positive performance, according to the report.
Meanwhile, on the domestic cryptocurrency exchange Upbit, Bitcoin was traded at 99,515,000 KRW as of 3:48 PM on the 26th, up 0.32% compared to the previous day.
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