Investors dumped shares of Bitcoin and Ether exchange-traded funds in droves as the world’s two largest cryptocurrencies plunged to their lowest price levels in months amid a global equity selloff.
Bitcoin and Ether investment products saw outflows of $400 million and $146 million, respectively, in the week ended Aug. 3, according to CoinShares Ltd. data. Bitcoin ETFs had their worst one-day outflows in about three months on Friday.
This marks the first loss for Bitcoin funds in five weeks, ending a streak of gains which brought in more than $3.5 billion. The outflows for Ether ETFs mark a two-week streak of losses now totaling almost $500 million.
The price of Bitcoin has plunged about 25% in the past week to around $50,000, its lowest level since late February, while Ether has fared even worse and has fallen more than 30% in the same time period to about $2,200.
Stocks extended a string of weekly losses on Monday, with the Nasdaq 100 and S&P 500 down 3.7% and 3.3% at 9:57 a.m. in New York, respectively.
