The cryptocurrency market for the week ending December 17 saw the largest weekly outflows on record. After consecutively reporting inflows for 17 weeks, the market surpassed outflows worth $142 million, the largest weekly outflows to date.
According to CoinShares weekly crypto fund flows report, the largest weekly outflows previously recorded stood at $97 million in June. While the outflows are staggering, CoinShares noted that the funds only represent 0.23% of the total AuM. In 2018, the weekly outflows represented a whopping 1.6% of the total AuM.
Explaining the rationale behind such outflows, the report said:
“…it comes at a time where there have been considerable outflows across all risk assets following the recent US Federal Reserve statement on tapering.”
Bitcoin funds surpassed $89 million in outflows, a significant turnaround from last week’s $145 million worth of inflows. Ethereum was not too far behind after surpassing $63 million in outflows. Blockchains Solana and Polkadot recorded$6.7 million and$2.5 million, respectively.