Your reliable guide in the crypto world, providing comprehensive news and analysis on all things related to cryptocurrency.

CoinShares Sees Crypto Weekly Outflows of $17m, Breaking Six Weeks of Inflows

– Outflows from crypto investment products reached $17 million in the week ended Aug. 12, according to digital asset management firm CoinShares.
– This ends a six-week run of inflows for the cryptocurrency industry.
– Bitcoin (BTC) accounted for the majority of these outflows with $21 million, driving a 2-week streak of outflows throughout August.
– Falling Bitcoin short positions flowed into $2.6 million.
– ProShares, Purpose, 3iQ Digital Asset Management, and CI Investments crypto investment providers all saw corresponding outflows.
– Capital outflows were distributed across regions, with Canadian outflows totaling $26 million, $10 million outflows from the U.S., and inflows to European exchanges totaling $20 million.
– Outflows from other regions, such as Australia, Brazil, and Switzerland, were relatively small.
– According to James Butterfill, an investment strategist at CoinShares, it’s difficult to discern if this is a meaningful change in sentiment given its small size.
– Last week, blockchain-related equities saw an inflow of $8 million, indicating an improvement in market sentiment.
– Bitcoin rose 1.47% over the past seven days and regained $25,000 on Sunday, according to CoinMarketCap. Ethereum rose 7.38% over the week to $1,905 during the same period.
Share this article
Shareable URL
Prev Post

Hong Kong Extends Migrant Policy to Facilitate DLT and FinTech Professionals

Next Post

Decline in Crypto Market Sales as Prices Level Out

Leave a Reply

Your email address will not be published. Required fields are marked *

Read next
Because the world of synthetic intelligence (AI) continues to evolve at a breakneck tempo, current developments…
Lately, the sphere of conversational AI has been considerably influenced by fashions like ChatGPT, characterised…