Bitcoin Investment Products See 3rd Week of Outflows
26 Jul, 2021•1 min read•Bitcoin
Investors pulled money out of digital-asset funds as bitcoin dipped below $30,000 last week, according to a report by CoinShares. Outflows coincided with negative sentiment that preceded a near 24% price jump in bitcoin over the past seven days.
Monday’s crypto price rally – bitcoin jumped above $38,000 – could encourage digital-asset inflows, since many investors have been on the sidelines since the sell-off in May.Overall, digital-asset products saw outflows for the third consecutive week; totaling $28 million in the seven days through July 23.“Bitcoin saw a majority of the outflows, which totaled $24 million, the largest outflows since mid-June,” according to CoinShares. Ethereum products saw outflows of $7.3 million.However, net flows year-to-date remain positive with inflows of $4.1 billion, albeit well off the cumulative peak of $4.7 billion in early May.Multi-asset investment products saw another week of inflows totaling $3.1 million, which suggests investors are diversifying their cryptocurrency exposure.Source