More crypto exits last week, third consecutive exit for bitcoin -CoinShares

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By Gertrude Chavez-Dreyfuss

NEW YORK, July 26 (Reuters) – Investment products and cryptocurrency funds recorded exits for the third week in a row, with bitcoin leading the pack, also suffering its third consecutive exit, according to data from the CoinShares digital asset manager released Monday.

Crypto outflows totaled $ 27.6 million for the week ended July 23, with most of it coming from bitcoin outflows of $ 24 million.

Last week’s cash outflows suggest negative sentiment still permeates the asset class despite more recent constructive comments from major industry players, said James Butterfill, investment strategist at CoinShares.

So far this month, bitcoin product and fund outflows have reached $ 49 million as the price of the world’s most popular cryptocurrency has stalled.

On Monday, however, bitcoin hit a six-week high of $ 40,581.30 in what traders described as a short squeeze. For the month of July, bitcoin rose 10.4%.

Blockchain data provider Glassnode in a newsletter on Monday said bitcoin transaction volume and on-chain activity remain extremely quiet. On a 14-day median basis, the adjusted transaction volume per entity for bitcoin remains depressed at around $ 5 billion per day, a significant drop from the $ 16 billion per day before the May sell-off, Glassnode said. .

Ether products and investment funds also saw outflows, the data showed, totaling $ 7.3 million, following inflows of $ 11.7 million the week before.

Ether, the token used for the Ethereum blockchain, rallied against the US dollar on Monday, in line with bitcoin’s gains, up 4% to $ 2,280. For the month of July, however, Ether was down 0.2%. Grayscale remains the largest manager of crypto assets, at $ 28.5 billion, up slightly from last week. Assets under management of CoinShares, the second largest digital asset manager, were flat at $ 3.2 billion. (Reporting by Gertrude Chavez-Dreyfuss; editing by Jonathan Oatis)

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