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Bitcoin funds faced the worst weekly outflow since the summer of 2021

Bitcoin funds faced the worst weekly outflow since the summer of 2021

Investors withdrew over $130 million from the cryptocurrency. Last time it happened during a bearish trend when Tesla refused to pay in Bitcoins, and China banned mining.

According to Cointelegraph,  $133 million in assets were withdrawn from bitcoin funds last week, marking the largest weekly outflow since June 2021. Since the beginning of April, 310.8 million dollars has been withdrawn from the funds of the world's first cryptocurrency.

According to analysts, it is hard to assess the cause of the current outflow. Probably, it could be affected by the "hawkish" rhetoric of the US Federal Reserve and the actions of central banks to cut rates, thus influencing the DeFi sector. 

Over the past month, the Bitcoin price fell by almost 18% to about $38.4 thousand. The market capitalization of the cryptocurrency is $730 billion, with daily trading volumes of $23.8 billion.

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