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Bitcoin Investment Products See 3rd Week of Outflows
Monday's bitcoin rally could encourage digital-asset inflows because many investors have been on the sidelines since the sell-off in May.
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.
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Monday's crypto price rally – bitcoin jumped above $38,000 – could encourage digital-asset inflows because 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.
Damanick Dantes
Damanick was a crypto market analyst at CoinDesk where he wrote the daily Market Wrap and provided technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also a portfolio strategist and does not invest in digital assets.
