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.
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.
Regional Flows
In the last week, European crypto firms witnessed decent inflows despite challenging conditions. American crypto firms, on the other hand, saw $36 million worth of outflows within the last week.
“Regionally the flows reveal that opinions are divided, with inflows totaling US$20m into European exchanges but outflows of US$36m from American (North & South America) exchanges. In contrast to direct digital assets, blockchain equities saw inflows totaling US$8m last week signifying improving sentiment. Although year-to-date inflows of US$15.5m signify tepid sentiment at the moment,” the report added.
