On June 19, European cryptocurrency investment firm CoinShares published its “Digital Asset Fund Flows Report,” revealing that cryptocurrency investment products experienced outflows totaling $5.1 million last week. The outflows contributed to the continuation of a nine-week streak of outflows, resulting in a cumulative total of $423 million.
The report noted that despite this downward trend, there was a glimmer of hope toward the end of the week, as news emerged that BlackRock (NYSE:BLK), one of the world’s largest asset managers, had submitted an application for a Bitcoin (BTC) exchange-traded product (ETP) in the United States. This development resulted in minor inflows; however, they were not significant enough to offset the earlier outflows observed during the week. As a consequence, the streak of outflows persisted.