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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.
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