Digital Asset investments funds saw outflows of USD 142 million last week in the largest weekly outflow on record. Investors pulled money out of funds focused on bitcoin, Ethereum, Solana, Polkadot and other key crypto’s as the market turned red.
After a 17 consecutive week run of inflows the tide of investment changed, and reversed significantly. The largest outflow on record previously was in early June, when outflows topped 97 million USD.
Outflows from funds associated with:
ETH: -$64M
SOL: -$6.7M
DOT: -$2.5M
Terraform Labs Takes On The SEC
Terraform Labs and its CEO, Do Kwon, are taking on the Securities and Exchange Commission (SEC, USA regulator). Kwon claims that the SEC improperly served Kwon subpoenas despite not having jurisdiction over Kwon or his company. Terraform Labs has asked a New York court to dismiss the subpoenas.
The SEC’s lawyers didn’t get permission from the commissioners to subpoena Kwon, which must be done in cases where the subpoenaed party is represented by lawyers. The argument Kwon’s lawyers are claiming is that Kwon was improperly served which renders the subpoenas invalid.
Isn’t it great to see crypto companies sticking it to the SEC!
Wrapping Up 2021 In Crypto
This year digital assets shocked the world, with mainstream adoption happening fast as lighting. The most dramatic changes to the emerging market in history have happened this year, so lets go over what’s happened.
Bitcoin Broke High After High
Bitcoin started the year on the front foot, rallying in the first week to an all time high of around $40,000 (USD). At this point many traditional asset managers started voicing concerns about the “short shelf life” of bitcoin focused funds and portfolios (Jeff Dorman).
Firms such as Ruffer Investments capitalised significantly on the appreciation, exiting positions as Crypto currency prices became increasingly speculative.
By the end of January Bitcoin had dropped around 30% from its all time highs, and Scott Minerd, the CIO at Guggenheim Global Investment Firm expressed doubts over Bitcoin’s ability to hold support around the $30,000 mark.
After many significant changes in the market Bitcoin has now formed an all time high of $69,000. Amusing.
Stay tuned in the next for more updates in the 2021 Crypto wrap up!
NGT8R 