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Crypto Funds See Massive $508M Outflow—Are Investors Getting Cold Feet?
The crypto market has been experiencing a tumultuous period over the past few weeks. Over the same period, not only Bitcoin (BTC) but also other major altcoins have seen their prices drop. The performance of these cryptocurrencies has been dismal, with none of them able to buck the trend.
As it stands now, BTC is trading at $95,567 after a 0.5% decline in the past day. Ethereum (ETH), XRP, Solana (SOL), and Sui have also seen their prices drop significantly, with the likes of ETH dropping by 4.9%, XRP plummeting by 3.5%, SOL decreasing by 6.8%, and Sui shedding 6% in value over the same period.
The dismal performance of these assets has led to a massive outflow of funds from crypto investment products. According to recent data, there was a net $508 million worth of outflows from such products last week.
Source: https://bitcoinist.com/crypto-funds-see-massive-508m-outflow-are-investors/
