Three Consecutive Weeks of Bitcoin Outflows Mark the Longest Bear Run Since Feb 2018
“Sentiment remains mixed” as multi-asset investment products buck the trend and record inflows of$10 million, including Polkadot, Ripple, and Cardano.
With blood on the cryptocurrency streets, digital asset investment products continue to see outflow.
With a third consecutive week of outflows totaling $79 million, it marks the longest bear run in outflows since February 2018, according to CoinShares’ report. During the bear market of 2018, there were seven consecutive weeks of outflows.
Yet again, Bitcoin remains the focus of these outflows, which has endured its 6th consecutive week of outflows totaling $89 million.
Still, the outflows total only $487 million this year, representing 1.6% of assets under management (AUM). The report noted,
“Sentiment remains mixed as evidenced by some providers seeing inflows while others continue to see outflows.”
Ethereum recorded minor outflows of $1.9 million, combined with the previous week’s, now comes at $14.6 million. As a percentage of assets under management, it represents 0.14%, implying most of the negative sentiment remains centered on Bitcoin.
Weekly trading volumes in Ethereum (ETH) investment products meanwhile have fallen by 80% since the May highs.
Last week, multi-asset investment products bucked the trend by recording inflows of $10 million. Year-to-date net inflows now total $351 million, representing 16% of assets under management.