Cryptocurrencies
Bitcoin ‘Stuck at the Moment’ as Record Cash Flees Crypto ETFs
- April is set to see the largest crypto fund outflows on record
- People showing little interest because it’s too volatile: UBS
Photographer: Angel Garcia/Bloomberg
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Bitcoin seems to be stuck in a rut: Prices are flagging, online searches for the largest cryptocurrency and other digital assets have fallen off, fewer and fewer coins are changing hands, and crypto-related funds are seeing massive outflows.
In fact, a UBS analysis of around 160 products shows April is set to see the largest crypto-ETF outflows on record, with investors having pulled more than $417 million so far this month. A Bitcoin product from Purpose alone has seen more than $220 million come out since the end of March.