Crypto Sector Sees Exits For Fourth Week In A Row, CoinShares Data Shows | The powerful 790 KFGO

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By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) Investment products and cryptocurrency funds posted releases for the fourth week in a row, the bulk of which came from bitcoin products, which also saw their fourth consecutive weekly release, showed Monday the data from digital asset manager CoinShares.

Crypto exits reached $ 19.5 million in the week ended July 30, with bitcoin reaching $ 19.7 million in exits. Other crypto and digital investment products such as Ripple and Polka Dot, however, showed minor entries for the week.

Bitcoin outflows have occurred despite a recent rally in prices, suggesting that investors were using recent force to take profits, said James Butterfill, investment strategist at CoinShares.

The outflows, sparked by the negative price action in mid-May, totaled $ 295 million, representing 1% of total assets under management, according to the report. Still, bitcoin inflows so far this year remain at $ 4.1 billion.

Bitcoin rose about 12.5% ​​last week, peaking at just under $ 43,000. It was down 0.5% for the last time at $ 39,654.

Blockchain data provider Glassnode, in its last post on Monday, provided a not-so-bullish outlook on bitcoin. He said he saw a noticeable increase last week in the number of pieces younger, or less than a week old, sold in what looks like a capitulation fund.

Glassnode also noted that the supply of bitcoin on the exchanges has fallen, with an extremely large volume of coins exiting the exchanges, comparable to the peaks of exits seen in November 2020.

Ether, the token used in the Ethereum blockchain, also saw outflows of nearly $ 10 million last week, its second consecutive week of outflows, according to the data. Since the start of the year, entries in ether products have consistently reached $ 957 million.

A major technical upgrade is looming this week on the Ethereum blockchain that could sharply increase its price. On Monday, ether was up 3% for the last time to $ 2,633.

Grayscale is still the largest crypto asset manager, with $ 34.2 billion in assets under management, up from $ 28.5 billion the week before.

Assets under management of CoinShares, the second largest digital asset manager, stood at $ 3.7 billion last week, up slightly from $ 3.2 billion previously.

(Reporting by Gertrude Chavez-Dreyfuss; Editing by Paul Simao)

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