Bitcoin and Ether ETFs Battered Amid Global Selloff in Equities

(Bloomberg) — Investors dumped their Bitcoin and Ether exchange-traded fund shares in droves after the world’s two largest cryptocurrencies fell to their lowest prices in months amid a global stock sell-off.

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Bitcoin and Ether investment products saw outflows of $400 million and $146 million, respectively, in the week ending Aug. 3, according to data from CoinShares Ltd. Bitcoin ETFs suffered their worst single-day outflows in nearly three months on Friday.

That marks the first loss in five weeks for bitcoin funds, ending a winning streak that has brought in more than $3.5 billion. For ether ETFs, the outflows mark a two-week losing streak that has now reached almost $500 million.

While Bitcoin’s price has fallen nearly 25% in the past week, falling to $50,000, its lowest level since late February, Ether’s situation has been even worse, falling more than 30% to around $2,200 in the same time frame.

Stocks extended their weekly losses on Monday, with the Nasdaq 100 and S&P 500 down 3.7% and 3.3%, respectively, as of 9:57 a.m. in New York.

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