Binance News: Cryptocurrency ETPs Witness $1.7B Outflow in Fifth Straight Week of Losses

The cryptocurrency market has been experiencing turbulent times, with exchange-traded products (ETPs) suffering significant outflows for five consecutive weeks. Here’s a closer look at the developments that have led to these losses, particularly focusing on the impact on Bitcoin products and Binance’s assets under management (AuM).

Crypto ETPs Suffer Massive $1.7B Outflow in Fifth Consecutive Week of Losses

Cryptocurrency exchange-traded products (ETPs) have seen substantial market downturn after demonstrating negative flows for five straight weeks. The latest report showed that $1.7 billion outflows led to an overall withdrawal of $6.4 billion during this period. The U.S. accounts for 93% of these outflows. Bitcoin products, which comprise the bulk of cryptocurrency investments, lost $978 million this week. Binance’s AuM also dropped significantly after a major investor exited.

Robinhood Unveils Prediction Markets Hub for Retail Traders

Robinhood has introduced a prediction market hub for retail traders to bet on major economic events. Users can now trade contracts on the Federal Reserve’s rate and NCAA tournament results. The new feature, powered by KalshiEX, complies with CFTC regulations for event contracts. Robinhood Derivatives, LLC (RHD) has added this hub to its app, enabling users to participate in predicting significant global events such as the Federal Reserve’s target funds rate in May and upcoming college basketball tournaments.