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 <p>The crypto industry was hit by out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> for a fourth consecutive week amid pessimism over regulatory woes and a strong dollar, CoinShares said.</p> 
 <p>Out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> reached $59 million last week, bringing total out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> over the four-week period to $294 million, representing 0.9% of total assets under management, according to CoinShares’ latest Digital Asset Fund Flows Weekly Report.</p> 
 <h2 id="crypto-outflows-show-negative-sentiment-among-institutions">Crypto Outflows Show Negative Sentiment Among Institutions</h2> 
 <p>Bitcoin suffered the most out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> of $69 million last week. Investors anticipate BTC’s price to drop further as short-Bitcoin in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> hit $15 million. It was the largest single week of in<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> since March 2023.</p> 
 <p>In<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a> were reported in short investment products, indicating negative sentiment towards digital assets. Trading volumes also plunged by 73% compared to the previous week to $754 million.</p> 
 <p>Ethereum’s outflows during the week totaled $4.8 million, bringing the year-to-date outflows to $108 million. Ethereum’s YTD outflows represent 1.6% of the total assets under management, making it the least preferred asset by exchange-traded product (ETP) investors this year.</p> 
 <p>Solana and multi-asset investment vehicles reported outflows of $1.1 million and $0.8 million respectively. XRP’s inflows continued to increase to reach $0.7 million last week.</p> 
 <p>Blockchain equities were not spared from the negative sentiment across the market, with $10.8 million in out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a>. The asset class recorded its fifth consecutive week of out<a rel="noopener noreferrer nofollow" title="flows" href="https://thebittimes.com/tag/flows.html">flows</a>.</p> 
 <h2 id="regulatory-woes-for-crypto-industry-strong-dollar-drive-increased-outflows">Regulatory Woes For Crypto Industry, Strong Dollar Drive Increased Outflows</h2> 
 <p>CoinShares attributed the shift towards short investment products to fears over crypto regulations and a strengthening US dollar.</p> 
 <p>The US crypto regulatory framework has shifted significantly. Republican Senator Bill Hagerty recently said crypto firms were moving overseas because of the “terrible environment.”</p> 
 <p>The US securities regulator has brought lawsuits against top cryptocurrency exchanges Binance and Coinbase. The regulator has also classified several cryptocurrencies as securities, including Cardano and Solana.</p> 
 <p>The SEC’s failure to approve a spot Bitcoin ETF is also concerning. Grayscale’s landmark victory against the SEC late last month raised hopes of a spot Bitcoin ETF. Still, the regulator continues delaying its decision to approve or reject the pending applications.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">THIS JUST IN: The D.C. Circuit ruled 3-0 in favor of Grayscale and $GBTC. This is a monumental step forward for all who have been advocating for Bitcoin exposure through the added protections of the ETF wrapper. Read the decision: https://t.co/ulAtcsad2G pic.twitter.com/BNZABvM7tw</p> 
  <p>— Grayscale (@Grayscale) August 29, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The US dollar index is also strengthening at the 104 level. The US dollar recently reached a six-month peak amidst tightening monetary policy. The Federal Reserve has hiked interest rates severally this year to tame the rising inflation.</p> 
 <p>Bitcoin has an inverse relationship with the US dollar. As the digital asset is seen as a hedge against inflation, a strengthening currency and low inflation rates are bound to reduce interest in Bitcoin.</p> 
 <p>The next Federal Open Market Committee (FOMC) is happening on September 19-20, and if more hikes are implemented, digital assets might perform poorly.</p> 
 <h3 id="related-stories">Related Stories:</h3> 
 <ul> 
  <li>The U.S. HFSC Plans Vote To Determine Whether Digital Assets Are Securities</li> 
  <li>Deutsche Bank Applies for Digital Asset License Amid Growth Push</li> 
  <li>UK Law Commission Report Proposes Sweeping Legal Reforms of Digital Assets</li> 
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/crypto-assets-record-outflows-for-a-fourth-week-on-regulatory-woes-strong-dollar-tbt62462.html">https://thebittimes.com/crypto-assets-record-outflows-for-a-fourth-week-on-regulatory-woes-strong-dollar-tbt62462.html</a></p>

Crypto Assets Record Outflows For A Fourth Week On Regulatory Woes, Strong Dollar

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