Crypto Investment Products See Continuous Outflows, Nearing $500 Million in Nine Weeks
Capital continued to flow out of crypto-backed investment funds last week, with total outflows for the past nine weeks now nearing $500 million....
- Capital outflows from crypto-backed investment funds reached nearly $500 million in the past nine weeks.
- Last week's outflows amounted to $54 million, a slight improvement from the previous week's $59 million.
- Bitcoin accounted for the majority of outflows, with $45 million leaving Bitcoin funds.
- Short-Bitcoin funds also experienced significant outflows of $3.8 million, indicating doubt among speculators.
- Altcoin funds backed by Ethereum's ETH lost $4.8 million, while Binance's BNB saw $300,000 of outflows.
- CoinShares analyst James Butterfill noted that most outflows were from US, German, Canadian, and Swedish products.
- Trading volumes increased by 42% to approximately $1 billion for the week.
The article provides a negative sentiment as it highlights the continuous outflows from crypto-backed investment funds and the doubts among speculators regarding the direction of Bitcoin.