Weekly outflows of crypto reach $63 million
Last week, crypto assets such as Bitcoin and Ethereum managed to jump above key price levels. However, the recent surge was not enough to change market sentiment as institutional investors pulled nearly $63 million from digital asset products.
According to the weekly report on digital asset fund flows from CoinShares, Ethereum remained the main focus of outflows. Outflows from ETH products were around $61.6 million last week. Year-to-date outflows from Ethereum products now stand at $360 million, the highest among major cryptoassets.
“Digital asset investment products saw outflows totaling $63 million, the 5th consecutive week of outflows when considering the negative sentiment derived from last week’s inflows into short-bitcoin investment products. Outflows remain relatively small in size, totaling 99 million over the past 5 weeks, while volumes remain just 46% of the year’s average of $1 billion for the week. Despite the rally in prices on Friday, it was the biggest day of outflows. Regionally, outflows were focused on Canada and the US, which saw outflows of USD 60 million and USD 10 million respectively, while Europe was the opposite with inflows totaling USD 7 million, the report said.
Institutional investors have pulled nearly $13 million out of BTC investment products over the past week. Crypto asset management firms now hold more than $18 billion in BTC assets.
Ethereum
Amid the upcoming upgrade, Ethereum has been one of the most volatile digital currencies in recent days. The world’s second most valuable crypto asset hit a high of $1,780 and a low of $1,508 over the past week.
“Ethereum was the main focus of the outflows, totaling USD 62 million last week, this comes despite the improved security of the merger (expected to be on or around September 15) and perhaps underlines a concern among investors that the event may not go ahead as planned,” CoinShares added in the report.
Last week, crypto assets such as Bitcoin and Ethereum managed to jump above key price levels. However, the recent surge was not enough to change market sentiment as institutional investors pulled nearly $63 million from digital asset products.
According to the weekly report on digital asset fund flows from CoinShares, Ethereum remained the main focus of outflows. Outflows from ETH products were around $61.6 million last week. Year-to-date outflows from Ethereum products now stand at $360 million, the highest among major cryptoassets.
“Digital asset investment products saw outflows totaling $63 million, the 5th consecutive week of outflows when considering the negative sentiment derived from last week’s inflows into short-bitcoin investment products. Outflows remain relatively small in size, totaling 99 million over the past 5 weeks, while volumes remain just 46% of the year’s average of $1 billion for the week. Despite the rally in prices on Friday, it was the biggest day of outflows. Regionally, outflows were focused on Canada and the US, which saw outflows of USD 60 million and USD 10 million respectively, while Europe was the opposite with inflows totaling USD 7 million, the report said.
Institutional investors have pulled nearly $13 million out of BTC investment products over the past week. Crypto asset management firms now hold more than $18 billion in BTC assets.
Ethereum
Amid the upcoming upgrade, Ethereum has been one of the most volatile digital currencies in recent days. The world’s second most valuable crypto asset hit a high of $1,780 and a low of $1,508 over the past week.
“Ethereum was the main focus of the outflows, totaling USD 62 million last week, this comes despite the improved security of the merger (expected to be on or around September 15) and perhaps underlines a concern among investors that the event may not go ahead as planned,” CoinShares added in the report.
