Ethereum

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Bitcoin

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 Neither the author, Tim Fries, nor this website, The Tokenist, provide financial advice. Please consult our&nbsp;<a href="https://tokenist.com/terms-of-service/" style="text-decoration:underline;color:#3c7b7b" target="_blank" rel="noreferrer noopener" class="deco-link">website policy</a>&nbsp;prior to making financial decisions.
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<p class="has-drop-cap">A new <a aria-label="funds flow report (opens in a new tab)" href="https://blog.coinshares.com/volume-130-digital-asset-fund-flows-weekly-report-72361a9e7d15" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">report</a> by CoinShares showed that short-Bitcoin investment funds recorded $23 million in outflows over the last week. Overall, digital asset investment products saw outflows totaling $54 million over the week, $32 million of which came from Bitcoin funds.</p> 
<h3 id="bitcoin-funds-saw-32m-in-outflows-last-week">Bitcoin Funds Saw $32M in Outflows Last Week</h3> 
<p>Short-bitcoin investment products saw the largest weekly record in outflows last week of $23 million, according to CoinShares. Bitcoin funds attracted negative sentiment, recording $32 million in outflows last week.</p> 
<p>On a regional basis, the bulk of outflows came from Germany and Canada, with $27 million and $20 million, respectively. Only Sweden attracted some positive sentiment, with just $1.3 million in inflows.</p> 
<p>According to CoinShares, volumes in the broader crypto industry are currently halved from the levels seen at the beginning of 2023, while volumes in investment funds are 16% higher than their year-to-date average.</p> 
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<h3 id="third-week-of-outflows-for-digital-asset-funds">Third Week of Outflows for Digital Asset Funds</h3> 
<p>In total, digital asset investment funds saw $54 million in outflows last week, marking the <a aria-label="third consecutive week (opens in a new tab)" href="https://blog.coinshares.com/volume-129-digital-asset-fund-flows-weekly-report-325091215c48" target="_blank" rel="noreferrer noopener nofollow" class="deco-link">third consecutive week</a> of outflows for the asset class. Almost all outflows were registered in Bitcoin and short-bitcoin funds, and some minor outflows in Ethereum-related investment products.</p> 
<blockquote class="wp-block-quote"> 
 <p>“Investor activity in altcoins was unusually low, seeing minor outflows from Ethereum investment products of US$2.3m. While Solana was the only other altcoin to see any activity with inflows of US$3.4m, the second largest over the last 12 months.”</p> <cite>– CoinShares wrote in the blog. </cite>
</blockquote> 
<p>CoinShares noted that blockchain-related stocks also saw negative investor sentiment last week, recording total outflows of $7.3 million. The figure mark the largest weekly outflows for blockchain equities since the start of the year, likely due to profit taking, CoinShares wrote in the blog.</p> 
<p>Over the past seven days, Bitcoin’s price fell by around 1%. The world’s biggest cryptocurrency lost some of its gains from last month, when it <a href="https://tokenist.com/bitcoin-up-79-ytd-as-another-banking-crisis-looms/" rel="dofollow" class="deco-link">breached the $30,000</a> psychological threshold for the first time since June 2022.</p> 
<p>The slight drop comes partly due to the <a href="https://tokenist.com/fed-continues-relentless-rate-hikes-with-25-bps-despite-bank-trouble/" rel="dofollow" class="deco-link">latest interest rate hike</a> by the Federal Reserve (FED) last week, which brought the rates up to the 5-5.25% range. Many <a href="https://tokenist.com/analysts-expect-the-fed-to-pause-rate-hikes-soon-as-senators-weigh-in/" rel="dofollow" class="deco-link">analysts expect</a> it was the last rate increase this year, with US senators and representatives arguing that further tightening could “throw millions of Americans out of work.”</p> 
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<p><em><strong>Do you think Bitcoin and other digital asset investment products will attract more positive sentiment in the coming months? Let us know in the comments below.</strong></em></p> 
<p>The post <a rel="nofollow" href="https://tokenist.com/short-bitcoin-funds-saw-23m-in-net-outflows-last-week/">Short-Bitcoin Funds Saw $23M in Net Outflows Last Week</a> appeared first on <a rel="nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Short-Bitcoin Funds Saw $23M in Net Outflows Last Week

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