Crypto Weekly Outflows Touches $17m, Ending Six Consecutive Weeks Inflow: CoinShares
Outflows from crypto investment products reached $17 million in the week ended Aug. 12, according to digital asset management firm Coinshares, ending a six-week run of inflows for the cryptocurrency industry.
Bitcoin (BTC) accounted for the lion’s share of these outflows with $21 million, driving a 2-week streak of outflows throughout August. However, 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.
Per the statistics from Coinshares show that capital outflows are distributed across regions. Canadian outflows totalled $26 million, $10 million outflows from the U.S., accounting for the majority of outflows, and inflows to European exchanges totalled $20 million.
The corresponding outflows from other regions are not particularly large. The most notable were Australia, Brazil, and Switzerland, with outflows of $800,000, $1 million, and $600,000, respectively.
According to a report by James Butterfill, an investment strategist at CoinShares:
“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.”
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. During the same period, Ethereum rose 7.38% over the week to $1,905.
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