Investors are selling crypto funds at a record pace: Crypto funds saw -2.0 billion in outflows last week, the largest since February. This also marks the 3rd consecutive weekly sale, bringing the total to -3.2 billion. Bitcoin led the outflows at -1.4 billion, while Ethereum saw -689 million, marking some of their biggest weekly losses this year. As a result, average daily outflows as a % of assets under management over the last month have risen to the highest level on record. Combined with price declines, total assets under management have dropped -27% from the October peak, to 191 billion. This is a structural decline.(The Kobeissi Letter)