Outflow from Crypto-based Funds Soars: Report
CoinShares analysts have reported that from July 22 to July 28, $20.9 million in funds were withdrawn from cryptocurrency investment products, in comparison to $6.5 million in the week prior.
Trading activity declined from $1.2 billion to $915 million during this time.
Bitcoin products made up 93% of the outflow amounting to $19.4 million.
Structures enabling short positions on Bitcoin experienced negative dynamics for the fourteenth consecutive week, with clients taking out $3.1 million compared to $5.5 million in the prior week.
While the sentiment concerning cryptocurrency is still positive, investors appear to be taking profits.
Ethereum funds had an outflow of $1.9 million, versus an inflow of $6.6 million in the previous week, while altcoins netted $3 million.
Over the prior 8 weeks, investors deposited a total of $19 million into altcoin products.
Last week, products based on Cardano, Solana, and XRP had inflows of $0.6 million, $0.6 million, and $0.5 million, respectively. Investors withdrew $0.4 million from Avalanche products.
