Bitcoin hit with record weekly outflow as rally ebbs: Data

Bitcoin posted a record weekly outflow, with overall sentiment on cryptocurrencies turning cautious as the digital asset’s searing rally hit a wall, data from digital currency manager CoinShares showed.

Outflows for bitcoin hit $21 million for the week of April 23, the largest weekly outflow on record. Total weekly inflows for the sector were just $1.3 million, the lowest weekly figure since October 2020.

That said, CoinShares said outflows last week were 0.05% of the crypto sector’s assets under management, while weekly inflows this year averaged 0.6%.

Total assets under management were $54.3 billion as of last week, down from $64.2 billion in mid-April.