The total assets in cryptocurrency investment products for the week fell by $110 million. CoinShares analysts attributed the outflows to concerns about stricter regulation of the industry.
[1/2] The Digital Asset Fund Flows Weekly Report is now available! Written by @jbutterfill, the headline for this week is: Outflows of US$110m highlight regulatory concerns remain a key issue for digital assets
To access the report, click here:https://t.co/MbvaGEUdwi pic.twitter.com/Uduj1F0r5m— CoinShares 👩🚀 (@CoinSharesCo) March 14, 2022
$80 million of the $110 million were withdrawn by clients of North American-domiciled funds. In experts’ view, this was a reaction to signing of an executive order by President Joe Biden coordinating federal agencies in regulating cryptocurrencies.
Bitcoin funds saw outflows of $69.6 million, Ethereum-based funds $50.6 million. Across other altcoin-based structures, dynamics were mixed — from -$0.9 million (Polkadot) to $0.2 million (Litecoin and Cardano).
forecasted a rise in Bitcoin to $50,000 in March.
Earlier, Elon Musk said he was hodling cryptocurrencies in anticipation of rising inflation.
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