Ether saw record outflows of $50 million last week

• Ether saw record outflows of $50 million last week according to CoinShares - the largest since 2015.
• Net outflows for the week totaled $44 million, most of it in ether.
• In June, cryptocurrency net outflows have amounted to $257.3 million.

The world's second-largest cryptocurrency by market capitalization saw record outflows of $50 million last week - the largest since 2015 - as investors pull back on cryptocurrency for the fourth straight week, according to data from digital asset manager CoinShares.

During the week ending June 25, ethereum saw a $50 million outflow, a turnaround from a broader trend this year, as a growing number of individuals and firms attempted to diversify their portfolios away from bitcoin.

Still, multi-asset digital investment products - which include ledgers, wallets, and blockchains - saw inflows of $6 million.

More broadly, the cryptocurrency market saw a $44 million exodus last week for what is considered the longest bear run of outflows since February 2018, as bearish investor sentiment sparked by the most recent selloff continued.

In fact, barring just one week, the trend of net outflows has persisted since mid-May, when the cryptocurrency market crashed, wiping out billions from the market cap of the total sector. The plunge was led by by bitcoin, which saw its values slashed nearly in half.

Month-to-date in June, cryptocurrency net outflows have amounted to $257.3 million, according to CoinShares.