Weekly Bitcoin outflows increase sharply
In its latest weekly fund flow report for digital assets, CoinShares noted that $21 million worth of investments left Bitcoin products last week. The latest sentiment shift came after BTC failed to break above the $26,000 price level.
Since the beginning of August, almost $30 million worth of investments have left Bitcoin products. However, BTC inflows so far this year are around $291 million. Global crypto asset management firms have more than $20 billion in Bitcoin assets under management.
Ethereum investment products witnessed marginal inflows of $0.1 million last week. In terms of monthly performance, ETH attracted inflows of $16.4 million in the first two weeks of August. But so far this year, the outflow of Ethereum is around $300 million.
“Digital asset investment products saw small outflows last week totaling USD 17 million. It is hard to tell if this is a meaningful change in sentiment given its small size, although smaller outflows were seen across a broad set of providers. It also comes at a time of low trading volume and an improvement in prices, suggesting there may be an element of less profit-taking. Bitcoin carried the brunt of the outflows totaling USD 21 million last week, this is the second consecutive week of outflows bringing monthly outflows to USD 29 million. Short bitcoin saw small inflows totaling $2.6 million,” CoinShares noted.
Regional flows
In the past week, European crypto firms have witnessed decent inflows despite challenging conditions. US crypto firms, on the other hand, saw $36 million worth of outflows over the past week.
“Regionally, the flows reveal that opinion is divided, with inflows totaling $20 million to European exchanges, but outflows of $36 million from US (North and South America) exchanges. In contrast to direct digital assets, blockchain stocks saw an inflow of totaling $8 million last week, indicating an improvement in sentiment, although year-to-date inflows of $15.5 million indicate tepid sentiment at the moment, the report said.
In its latest weekly fund flow report for digital assets, CoinShares noted that $21 million worth of investments left Bitcoin products last week. The latest sentiment shift came after BTC failed to break above the $26,000 price level.
Since the beginning of August, almost $30 million worth of investments have left Bitcoin products. However, BTC inflows so far this year are around $291 million. Global crypto asset management firms have more than $20 billion in Bitcoin assets under management.
Ethereum investment products witnessed marginal inflows of $0.1 million last week. In terms of monthly performance, ETH attracted inflows of $16.4 million in the first two weeks of August. But so far this year, the outflow of Ethereum is around $300 million.
“Digital asset investment products saw small outflows last week totaling USD 17 million. It is hard to tell if this is a meaningful change in sentiment given its small size, although smaller outflows were seen across a broad set of providers. It also comes at a time of low trading volume and an improvement in prices, suggesting there may be an element of less profit-taking. Bitcoin carried the brunt of the outflows totaling USD 21 million last week, this is the second consecutive week of outflows bringing monthly outflows to USD 29 million. Short bitcoin saw small inflows totaling $2.6 million,” CoinShares noted.
Regional flows
In the past week, European crypto firms have witnessed decent inflows despite challenging conditions. US crypto firms, on the other hand, saw $36 million worth of outflows over the past week.
“Regionally, the flows reveal that opinion is divided, with inflows totaling $20 million to European exchanges, but outflows of $36 million from US (North and South America) exchanges. In contrast to direct digital assets, blockchain stocks saw an inflow of totaling $8 million last week, indicating an improvement in sentiment, although year-to-date inflows of $15.5 million mean tepid sentiment at the moment, the report said.
