A lot of cash left big Bitcoin funds in the last seven days—which could explain the dip that BTC and most other digital assets took last week.

The good news? Outflows from the largest fund, Grayscale, are now slowing down, according to European digital asset manager CoinShares. 

Investors have been fast redeeming their Grayscale holdings since the product converted to an exchange-traded fund (ETF) earlier this month. This led to the price of Bitcoin (BTC) to drop hard as the fund shifted its cryptocurrency to its custodian Coinbase. 

“The outflows in Grayscale last week totalled $2.2 billion, although data suggests outflows are beginning to subside as the daily total continued to reduce over the week,” the CoinShares report said. 

It added that investors pulled out over $500 million from major crypto fund managers—such as Bitwise, Fidelity, Grayscale, ProShares and 21Shares. The main focus was on BTC.

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Author: Mathew Di Salvo

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