NEW YORK: Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world's largest cryptocurrency, which has seen its upward momentum stall in the last few months, according to digital currency manager CoinShares data released on Monday. Bitcoin outflows hit $141 million in the week ending June 4, representing 8.3% of the net inflows seen this year. For the year so far, bitcoin still showed net inflows of $4.2 billion.
The cryptocurrency sector overall suffered outflows of $94.2 million last week, the data showed. Bitcoin was last down 0.6% at $35,591. For the month of May, bitcoin dropped 35.4%. So far in June, bitcoin was down a modest 4.8%.
That said, ether, the token used for the Ethereum blockchain, continued to see inflows, with $33 million this week. So far this year, inflows into ether products and funds totalled $1 billion.
XRP saw total inflows of $7 million, the largest since April, while both Cardano and multi-asset products posted inflows of $4.5 million and $2.7 million respectively. Digital asset product weekly trading volume on bitcoin has fallen 62% compared with last month, CoinShares data showed.