Crypto Weekly Outflows Touches $17m, Ending Six Consecutive Weeks Inflow: CoinShares

According to Coinshares digital asset management firm, $17 million was outflow from crypto investments products in the week ended August 12. This is the end of a six-week-long run of inflows in the cryptocurrency industry.

BitcoinBTC) accounted for the lion’s share of these outflows with $21 million, driving a 2-week streak of outflows throughout August. However, Bitcoin short positions fell to $2.6million.

There were outflows at ProShares and 3iQ Digital Asset Management, 3iQ Digital Asset Management (Purpose), and CI Investments cryptoinvestor providers.

Source: CoinShares

The statistics from Coinshares indicate that capital outflows are not evenly distributed. Canadian outflows were $26 million. $10 million was outflows from the U.S. accounting for the bulk of outflows. Inflows to European exchanges were $20 million.

These outflows are not significant from other countries. Australia, Brazil and Switzerland were the most prominent with outflows in excess of $1 million, $800,000 and $600,000.

According to James Butterfill (an investment strategist at CoinShares), the following information was found:

“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.”

The inflow of $8 Million in blockchain-related equity shares last week indicated an improvement in market sentiment.

According to CoinMarketCap. Bitcoin rose by 1.47% over seven days and gained $25,000 Sunday. Ethereum gained 7.38% during the same week, reaching $1,905.

Image source: Shutterstock

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