{"id":20821,"date":"2023-08-07T21:36:56","date_gmt":"2023-08-07T21:36:56","guid":{"rendered":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-funds-see-weekly-outflows-of-111m-most-since-march-coinshares\/"},"modified":"2023-08-07T21:36:58","modified_gmt":"2023-08-07T21:36:58","slug":"bitcoin-funds-see-weekly-outflows-of-111m-most-since-march-coinshares","status":"publish","type":"post","link":"https:\/\/nftandcrypto-news.com\/crypto\/bitcoin-funds-see-weekly-outflows-of-111m-most-since-march-coinshares\/","title":{"rendered":"Bitcoin funds see weekly outflows of $111M, most since March: CoinShares"},"content":{"rendered":"
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Weekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million.<\/p>\n

Once again, the lion\u2019s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week. <\/p>\n

According to CoinShares\u2019 \u201cDigital Asset Fund Flows” weekly report, this indicates further \u201cprofit taking\u201d on the heels of the previous cycle\u2019s gains. For the month leading up to the recent spate of outflows, inflows of $742 million\u00a0into crypto funds\u00a0were seen, with 99% of that coming into Bitcoin. <\/p>\n

Weekly crypto asset flows. Source: CoinShares<\/em><\/figcaption><\/figure>\n

Weekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average. <\/p>\n

Regionally, only Australia and the United States showed inflows, with $0.3 million and $0.2 million incoming, respectively. The largest regional outflows came from Canada, with $70.8 million, and Germany, with $28.5 million. <\/p>\n

Despite Bitcoin\u2019s outflows, the weekly total was somewhat buoyed by inflows into Solana (SOL) in the amount of $9.5 million, up from last week\u2019s total of $0.6 million in inflows. XRP (XRP) investment products also saw inflows of $0.5 million. <\/p>\n

Ether (ETH) funds continue their negative trend, adding $5.9 million in outflows to the previous week\u2019s $1.9 million. This entirely offsets prior inflows in the amount of $6.6 million and further separates it from Solana\u2019s current bullish trend. <\/p>\n

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\u27a1\ufe0f $SOL<\/a> recorded the largest inflows, totaling US$9.5m, indicating a growing positive sentiment towards #altcoins<\/a>. Other notable mentions include $XRP<\/a> and $LTC<\/a>.<\/p>\n

4\/5 pic.twitter.com\/0v8V9DjwRQ<\/a><\/p>\n

\u2014 CoinShares (@CoinSharesCo) August 7, 2023<\/a><\/p><\/blockquote>\n

While Bitcoin remains up for the year compared to its opening in January, many experts believe some of the perceived sideways movement that\u2019s kept it mostly beneath $30,000 since April is due to market uncertainty.<\/p>\n

As Cointelegraph reported, data from Switzerland-based investment adviser 21e6 Capital AG shows that Bitcoin \u201chodlers,\u201d those who held funds in BTC, outperformed crypto funds by 69% in the first half of 2023. <\/p>\n

The 2022 implosion of FTX\u00a0and regulatory and legal uncertainty for numerous other exchanges may have tempted crypto fund investors to increase the amount of cash on hand versus invested funds, thus causing the current decay. <\/p>\n

The report from 21e6 Capital AG did note that investor sentiment currently appears to be slightly up versus the first half of 2023. <\/p>\n

Related: <\/em><\/strong>European digital asset manager CoinShares\u2019 revenue up 33% in Q2<\/em><\/strong><\/p>\n<\/div>\n