Outflows continue in Bitcoin since spot EFT approval

Bitcoin saw an outflow of nearly $600 million for the second week in a row. This was the biggest outflow in a two-week period since the US approved exchange-traded funds to hold the largest cryptocurrency in January.

According to CoinShares International data, there was an outflow of $584 million from digital assets in general in the week ending June 21. Following the $600 million in the previous week, Bitcoin constituted the majority with an outflow of $630 million.

According to the report of the digital asset manager and crypto research firm, Fidelity’s Bitcoin fund saw the largest outflow with $270 million, while Grayscale’s fund lost more than $150 million.

Losses mounted in the crypto market on Monday, reflecting cooling demand for Bitcoin ETFs and uncertainty surrounding monetary politics. Bitcoin has slumped for two weeks, falling nearly 4 percent to around $61,100 on Monday.