Under the title "Step Back... Cryptocurrencies Witness Exodus for the Second Consecutive Week," the Arabic news site reported that data from CoinShares, a digital currency management firm, revealed yesterday (Monday) that cryptocurrency funds and products experienced an outflow of capital for the second week in a row. Ethereum recorded a record outflow as investment institutions took a step back. The total outflows from cryptocurrencies reached $21 million for the week ending June 11. Since mid-May, the total outflows amount to $267 million, representing 0.6% of total assets under management.
"Ether" recorded the largest share of outflows last week at $12.7 million. CoinShares data indicated that outflows from Bitcoin decreased last week to $10 million, significantly lower than the record $141 million in the previous week. Trading activity in the world's most famous cryptocurrency products surged by 43% compared to the previous week. Bitcoin surpassed $40,000 for the first time in two and a half weeks on Monday after Tesla CEO Elon Musk stated on Sunday that the company would resume Bitcoin transactions once it confirms a reasonably clean energy use by mining companies. He tweeted: "When there is confirmation of reasonable (around 50%) clean energy use by miners, with a positive future trend, Tesla will resume allowing Bitcoin transactions."
