Crypto funds log minor outflows in past week - report

Outflows from digital asset investment products continued for the ninth consecutive week, although at a relatively smaller magnitude thanks to news that BlackRock ( BLK ) filed paperwork to create a spot bitcoin ( BTC-USD ) exchange-traded fund, according to a recent CoinShares report. Just $5.1M left crypto funds in the week ended June 16, compared with the $88M capital flight seen in the prior week. "The end of the week saw minor inflows following the news that one of the world’s largest asset managers has applied for a Bitcoin ETP in the US , although these inflows were not enough to offset outflows seen earlier in the week," the report said. The minor outflows come even as bitcoin ( BTC-USD ) closed out the week 2.3% higher, though ethereum ( ETH-USD ) slipped 0.7%. At the time of writing, BTC advanced 1.2% to $26.7K and ETH was virtually unchanged at $1.71K. CoinShares pointed out that exchange-traded products (ETPs) have yet to experience "any measurable inflows " year-to-date even as regulatory conditions improved in Hong Kong. More on the Crypto Market Digital Assets: Correlation Revisited Bitcoin: New Fantasy Despite Summer Lull And Uncertainties (Technical Analysis) Bitcoin: likely To Decline Further (Technical Analysis)