Crypto Fund Outflows Reached a Record Last Week

Global crypto funds took a sharp downturn last week as investors pulled out $942 million — the most on record, according to CoinShares International Ltd.

A seven-week streak of inflows saw more than $12 billion move into the funds, helping drive Bitcoin to an all-time high of $73,798 on March 14. Yet, the slide in the largest cryptocurrency since then through Friday made investors leery, leading to a reversal in net flows last week, according to James Butterfill, head of research at CoinShares.