Bitcoin Outflows Cool Down; ‘Mixed’ Investor Opinions Result in Ethereum Recording its Largest Outflow

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Bitcoin Outflows Cool Down; ‘Mixed’ Investor Opinions Result in Ethereum Recording its Largest Outflow
Credit: © Reuters.

Digital asset investment products had a second consecutive week of outflows totaling $21 million, as per CoinShares report.

This brings total weekly outflows since mid-May to $267 million, representing 0.6% of total assets under management (AUM).

Over the last month, sentiment has weakened but “on the whole remains committed,” given the magnitude of inflows this year, which is 13% of AUM at $5.8 billion, nearly matching $6.7 billion for the entire 2020, noted the report.

The outflows were focused on Bitcoin until now, but last week, Ethereum had the largest outflows on record at $12.7 million.

ETH 2.30%

Ethereum / USD ETHUSD

$ 2,585.61 $59.47 2.30%

Volume 28.89 b Change $59.47 Open $2,585.61 Circulating 116.3 m Market Cap 300.71 b

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Inflows were mixed last week after staunch support of Ethereum over recent months, “implying mixed opinions among investors.”

Meanwhile, outflows in Bitcoin cooled to just $10 million, significantly less than the previous record week of $141 million. Trading activity in Bitcoin investment products also rose by 43% compared to the previous week.

The price of Bitcoin also surged past $41,000 this week, for the first time since late May.

While BTC is still trading about 38% below its ATH, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way. Morehead said,

“Bitcoin generally goes way up…Anyone that has held bitcoin for 3.25 years has made money.”

XRP saw minor outflows, $2.8 million following a six-week run of inflows totaling $21 million. Other digital asset investment products also had minor inflows, notably from Cardano’s $1.7 million and Stellar’s $1 million.

Meanwhile, Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion from $30.3 billion the previous week. CoinShares had its AUM slip to $3.8 billion, from nearly $4 billion the week before.

Bitcoin/USD BTCUSD

40,270.2116 -$28.19 -0.07%

  • Volume 45.41 b
  • Change -$28.19
  • Open$40,270.2116
  • Circulating 18.74 m
  • Market Cap 754.48 b

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