Cryptocurrency investment products and funds posted outflows for a fourth consecutive week, the bulk of which came from bitcoin products, data showed
Cryptocurrency prices were mixed today with Bitcoin trading nearly 2% lower at $39,084.8 whereas ether was flat at $2,571, up 0.3%. Dogecoin, on the other hand, was also lower at $0.20, down around 2%. Other digital coins like XRP, Uniswap were higher whereas Litecoin, Stellar, Cardano were lower over the last 24 hours.
Cryptocurrency investment products and funds posted outflows for a fourth consecutive week, the bulk of which came from bitcoin products, which also experienced its fourth straight weekly outflow, data from digital asset manager CoinShares showed on Monday as reported by Reuters.
Crypto outflows hit $19.5 million in the week ended July 30, with bitcoin reaching $19.7 million in outflows. Other crypto and digital investment products such as Ripple and Polka Dot, however, did show minor inflows for the week.
The outflows, prompted by negative price action in mid-May, have totaled $295 million, representing 1% of total assets under management, the report said. Still, bitcoin inflows so far this year remain at a robust $4.1 billion.
Ether, the token used in the Ethereum blockchain, also saw outflows of nearly $10 million last week, its second straight week of outflows, data showed. Year-to-date inflows into ether products still showed a healthy $957 million.
The decline in price puts Bitcoin back in the top end of a $30,000 to $40,000 trading range that’s been in place since a cryptocurrency rout in May. It touched $42,605 on Sunday, the highest since May. It rallied almost 20% last week, the biggest increase in three months.
The token has been helped in recent weeks by supportive comments from billionaire Elon Musk and Ark Investment Management LLC’s Cathie Wood, as well as speculation over Amazon.com Inc.’s possible involvement in the cryptocurrency sector.