Cryptocurrency markets went down, as digital assets products saw their largest weekly redemptions on record.
Outflow from crypto funds totaled $142 million during the seven days through December 17, according to CoinShares. The largest previous outflow on record was in early June this year when net redemptions surged to $97 million.
The world’s largest cryptocurrency by market cap, Bitcoin saw outflow of $89 million which is the reversal from the $145 million of inflows.
The report stated considerable outflow from all risky asset classes not just digital assets. U.S. Federal Reserve withdrawing their monetary support is one of the key contributing factor.
CoinShares report also stated that total inflow this year reached $9.5 billion surpassing 2020 number of $6.7 billion.
