Weekly Bitcoin Outflows Increase Sharply

In its latest digital asset weekly fund flows report, CoinShares noted that approximately $21 million worth of investment left Bitcoin products last week. The latest sentiment shift came after BTC failed to break above the price level of $26,000.

Take Advantage of the Biggest Financial Event in London. This year we have expanded to new verticals in Online Trading, Fintech, Digital Assets, Blockchain, and Payments.

Since the start of August, almost $30 million worth of investment has left Bitcoin products. However, year-to-date BTC inflows stand at around $291 million. Global crypto asset management firms hold more than $20 billion worth of 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. However, year-to-date outflows of Ethereum stand at around $300 million.

“Digital asset investment products saw minor outflows last week totaling US17m. It is difficult to discern if this is a meaningful change in sentiment given its small size although minor outflows were seen across a broad set of providers. It also comes at a time of low trading volume and a recovery in prices suggesting there could be an element of minor profit taking. Bitcoin bore the brunt of the outflows which totaled US$21m last week, this being the second consecutive week of outflows bringing month-to-date outflows to US$29m. Short-bitcoin saw minor inflows totaling US$2.6m,” CoinShares noted.