Crypto Trading Volumes Dip To Nine-Month Low As Europeans Ditch Bitcoin, Although US Investors Still Buying: CoinShares | Currency News | Financial and business news

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Alex wong

Bitcoin has seen exits in Europe but entries from North America in the past week, according to CoinShares. Trading volumes totaled $ 1.58 billion for the week to July 9, the lowest since October. Multi-asset investment products, like the Bitwise 10 crypto index fund, were the most popular last week. Sign up for our daily newsletter, 10 things before the opening bell here.

Cryptocurrency trading volumes fell to their lowest level in nine months last week, as bitcoin continued to fluctuate within a relatively narrow range, according to data from digital asset manager CoinShares on Tuesday.

Outflows accelerated in Europe, where regulators tightened their control over cryptocurrency trading in general, while U.S. investors were net buyers of crypto assets, according to data from CoinShares.

Crypto transaction volumes totaled $ 1.58 billion for the week, with activity mostly calming down for bitcoin. Bitcoin posted net inflows of $ 6.9 million, a sharp drop from the net inflows of $ 38.9 million the week before.

Weekly flows of crypto assets

CoinShares

“In recent weeks, there has been a regional divide in bitcoin inflows, with North American providers registering constant inflows while their European counterparts have continued to see outflows, suggesting a geographic divergence in sentiment,” the report said. .

So far this month, bitcoin has traded in a relatively narrow band, between lows of around $ 32,100 and a high of around $ 34,500 – a far cry from the extreme volatility of May, when ‘It went from a low of $ 30,000 to a high of nearly $ 59,600. , according to Coinbase.

Since hitting a record high of nearly $ 65,000 in April, the coin has fallen almost 50%, although it is still up nearly 260% last year.

Regulation was another factor. The UK regulator banned retail consumers from buying crypto derivatives last year. Since then, he has ordered Binance, a crypto exchange, to stop regulated activities in the country.

“Europe is a bit behind in terms of investing in crypto assets,” James Butterfill, chief investment strategist at CoinShares, told Insider.

CoinShares is Europe’s largest crypto asset manager. The company had $ 3.35 billion under management at the end of the first quarter, according to its recent earnings report.

Other crypto assets registered net inflows. Ether recorded flows of $ 800,000, Binance coin recorded flows of $ 400,000, and Cardano’s ada token recorded $ 600,000 in flows.

Multi-asset investing products, like the Bitwise 10 crypto index fund, which tracks the performance of the top 10 crypto coins for example, were the most popular last week, with entries of $ 1.2 million. CoinShares said this suggests investors are diversifying their holdings.

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