Cryptocurrency investment products have gone through a nine-week run of withdrawals, with a total of $5.1 million in withdrawals in the past week. The total cumulative withdrawal amount has reached $423 million, as reported by CoinShares.
CoinShares report said that, despite the trend of withdrawals in the crypto market, BlackRock’s registration of a Bitcoin Spot ETF has provided a glimmer of hope for the weekend. The US and Germany recorded small inflows of $3.7 million and $2.4 million, respectively. However, Canada faces capital outflows of up to $277 million. The collapse in altcoin prices prompted investors to increase their positions, with inflows of around $2.4 million. BlackRock has registered the first Bitcoin Spot ETF in the United States, and approval could be significant in expanding the acceptance and adoption of crypto investment products in the United States.