Crypto Investments See Record $2.9 Billion Outflows Amid Bitcoin Price Correction

Last week, global crypto investment products experienced a record $2.9 billion in outflows, primarily driven by a Bitcoin price correction after weeks of inflows. According to CoinShares data, Bitcoin funds led the outflows with $2.59 billion, while Ethereum products saw $300 million in exits. The outflows were attributed to factors including the Bybit hack, a hawkish U.S. Federal Reserve outlook, and profit-taking from Bitcoin ETFs. U.S.-based funds accounted for $2.87 billion of the outflows, while Switzerland and Canada saw $73 million and $16.9 million in outflows, respectively. Interestingly, German investors added $55.3 million to crypto funds. Despite the overall negative trend, Bitcoin ETFs saw a positive daily flow of $94.34 million on the day Bitcoin's price hit $78,000. Sui-based funds attracted $15.5 million in inflows, and XRP products added $5 million.