CoinShares cited the Bybit hack, more hawkish US Fed rhetoric and a previous $29 billion buying streak as reasons for the record-breaking weekly outflows.
Cryptocurrency exchange-traded products (ETPs) experienced the biggest weekly sell-off ever, with outflows reaching a record $2.9 billion last week.
Amid three consecutive weeks of outflows, global crypto ETPs have seen $3.8 billion wiped out, European crypto investment firm CoinShares reported on March 3.
The crypto ETP bloodbath was likely driven by several factors, including the $1.5 billion Bybit hack, hawkish rhetoric by the United States Federal Reserve and a preceding 19-week inflow streak of $29 billion, CoinShares research head James Butterfill said.
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