Crypto Investment Products Saw $28 Million Worth of Outflows Last Week
The crypto market saw a strong rebound on Monday as the overall market cap of digital currencies jumped by more than $150 billion in the last 24 hours. However, the latest data from CoinShares, Europe’s leading digital asset management firm, shows that crypto investment products saw significant outflows over the last seven days.
According to the latest weekly digital asset fund flows report by CoinShares, nearly $28 million worth of investment left crypto investment products last week. Outflows were mainly focused on Bitcoin as BTC investment products saw $24 million worth of outflows during the mentioned period.
“Digital asset investment products saw outflows for the third consecutive week with outflows totaling US$28m. Last week’s outflows suggest negative sentiment still pervades the asset class despite more recent constructive comments from key industry players. Bitcoin, the world’s largest crypto asset, saw the majority of the outflows which totaled US$24m, the largest outflows since mid June. Net flows year to date remain positive with inflows of US$4.1bn, but they are off their peak of US$4.7bn seen in early May,” CoinShares mentioned in the report.
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CoinShares added that Ethereum related investment products saw outflows worth $7.3 million last week.
Bitcoin, the world’s most valuable crypto asset, crossed $39,000 on Monday, the highest level in six weeks. Additionally, ETH saw strong gains on 26 July as the crypto asset jumped by more than 10%. However, the latest surge in crypto assets is mainly driven by retail demand.
“Multi-asset investment products continue to buck the trend with another week of inflows totaling US$3.1m. Multi-asset is the only set of investment products where there have been inflows every week this year representing 18% of assets under management. Investment product trading turnover remains low at US$1.7bn for last week, this represents just 22% of the high in volumes seen in May. This decline is mirrored in overall Bitcoin volumes which were 32% over the same period in what we believe is due to seasonal effects,” CoinShares added.