Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Bitcoin sees 6th straight week of outflows -CoinShares

EconomyJun 21, 2021 20:45
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Representations of the Bitcoin cryptocurrency are seen in this illustration picture taken June 7, 2021. REUTERS/Edgar Su/Illustration/File Photo

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) - Bitcoin investment products and funds posted their sixth consecutive week of outflows, according to data on Monday from digital asset manager CoinShares as a crackdown in China spooked investors.

Last week, bitcoin outflows totaled $89 million. For the year, bitcoin outflows hit $487 million, or 1.6% of assets under management, data showed.

The crypto sector as a whole saw a third consecutive week of outflows amounting to $79 million last week in what is now the longest bear run in outflows since February 2018, CoinShares said. For the month of June, net outflows hit $210.5 million.

"Bitcoin's six-week run of outflows has been driven by the combination of environmental concerns and an increasingly antagonistic regulatory environment in China," said Matt Weller, global head of market research at Forex.com

"With these themes still in effect and prices subdued, it may be a while before we start to see another period of sustained fund inflows," he added.

Bitcoin on Monday hit a two-week low of $31,700, undermined by China's expanding crackdown on bitcoin mining. Authorities in the southwest province of Sichuan ordered cryptocurrency mining projects closed in the major mining center.

Bitcoin has lost over 20% in the last six days and is down by half from its April peak of almost $65,000.

Ether, the token used for the Ethereum blockchain, saw minor outflows of $1.9 million last week, after posting outflows of $14.6 million the previous week. As a percentage of assets under management, the ether outflows represented just 0.14%, data showed, implying that most of the negative sentiment has been focused on bitcoin.

Weekly trading volumes in ether investment products have fallen dramatically, down 80% since the May highs.

Blockchain data provider Glassnode said on-chain activity across the board is remarkably low across bitcoin and ethereum

Bitcoin sees 6th straight week of outflows -CoinShares
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email