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Investment products and cryptocurrency funds saw exits for the second week in a row, with the ether registering record exits as institutional investors retreated, data from the digital asset manager showed on Monday. CoinShares.
Total crypto exits reached $ 21 million for the week ending June 11. Since mid-May, total outflows have reached $ 267 million, representing 0.6% of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its biggest release last week of $ 12.7 million, according to data. The token has been one of the top performers this year.
But CoinShares said the ether entries last week were mixed, “implying mixed opinions among investors.”
Ether last rose 1% to $ 2,536. Since hitting a record high of $ 4,380.64 on May 12, Ether has fallen 40%.
Bitcoin outflows cooled last week to $ 10 million, which is significantly lower than the previous record week of $ 141 million, according to data from CoinShares. Bitcoin product trading activity increased 43% from the previous week.
Bitcoin surpassed $ 40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla had sold the currency but could resume trading using it. read more It was up 1.8% for the last time at $ 39,686.
While bitcoin is currently trading 36% below its exponential 11-year trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to shut down investments. positions and instead go the other way if they have the emotional and financial resources to do so.
“Bitcoin is generally skyrocketing … Anyone who has held bitcoin for 3.25 years has made money,” said Morehead.
Grayscale, the largest digital currency manager, increased its assets under management to $ 33.04 billion last week, from $ 30.3 billion the week before.
CoinShares, the second-largest digital asset manager, saw AUMs drop to $ 3.8 billion from nearly $ 4 billion the week before.
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