Bitcoin publishes release for 2nd week in a row – CoinShares data

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By Gertrude Chavez-Dreyfuss

NEW YORK, July 19 (Reuters) – Bitcoin commodities and investment funds recorded cash outflows for the second week in a row, according to data from digital asset manager CoinShares released on Monday, underscoring investor sentiment on the market. cryptocurrency industry as prices continued to stagnate.

Bitcoin’s outflows reached $ 10.4 million in the week ended July 16, following outflows of $ 6.9 million the week before. For the month of July, bitcoin outflows amounted to $ 15 million, although inflows for the year still stood at $ 4.2 billion.

The global crypto industry has seen net inflows of $ 2.9 million in the past week, according to the data.

The world’s largest cryptocurrency by market cap has fallen 12.1% in price this month. On Monday, it was testing key support of $ 30,000 and was down 3.4% for the last time to $ 30,694.

Bitcoin appears precarious and is trading lower alongside global markets as concerns about the economic recovery increase, said Pankaj Balani, managing director of derivatives trading platform Delta Exchange.

Volatility has also started to increase… We can see sharp downward moves if bitcoin convincingly goes below $ 30,000, he added.

That said, James Butterfill, an investment strategist at CoinShares, pointed out that bitcoin outflows last week were minimal compared to May and June of this year. He also believes that the timing of some of the crypto investment product launches, which investors have had access to for the first time, has led to recent profit taking.

Ether-based products and funds, the token used for the Ethereum blockchain, generated net inflows of $ 11.7 million last week. So far this year, ether entries have reached nearly $ 1 billion.

The price of ethers, however, fell 20% against the US dollar and was 4% lower at $ 1,819.

Grayscale remains the largest manager of crypto assets, but has seen its assets under watch decline further, to $ 27.681 billion.

CoinShares, the second largest digital asset manager, saw its assets under management drop to $ 3.1 billion from $ 3.3 billion the week before. (Reporting by Gertrude Chavez-Dreyfuss; Editing by Dan Grebler)

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