Bitcoin Outflows Reach Highest Level Since March: $111M-CoinShares Report
• CoinShares reported weekly cryptocurrency asset flows with a total of $107 million in outflows.
• Bitcoin funds accounted for the lion’s share of this outflow, totaling $111 million.
• Solana investment products saw the most inflows, totaling $9.5 million.
Weekly Crypto Asset Flows
CoinShares reported that weekly cryptocurrency asset flows amounted to a total of $107 million in outflows for the week ending August 4th. This is continuing a three-week negative trend amounting to $134.8 million overall.
Bitcoin funds accounted for the majority of movement seen in these outflows, coming in at a total of $111 million. This indicates further “profit taking” following previous cycle gains and negates much of the inflows seen over the month prior which totaled nearly 99% from Bitcoin investments alone.
Trading Volumes Down
Wider on-exchange market volumes were also down 62% compared to their year-to-date average according to CoinShares‘ report, while only Australia and the United States saw any notable inflows with amounts of just $0 .3 and 0.2 million respectively. Canada had the largest regional outflow with an amount of 70 .8 million followed by Germany with 28 .5 million in outflows.
Solana Leads In Inflows
Despite Bitcoin’s overall downward trend, some coins still experienced inflows such as Solana which totaled 9 .5 million dollars over the past week alone – up from 0 .6 million last week – while XRP investment products also saw inflows totalling 0 .5 milion dollars and Ether funds added 5 .9 milion dollars to their already existing 1 .9 milion dollar outflow from last week entirely offsetting prior 6 .6 milion dollar inflow from earlier this month as well as separating it from Solana’s current bullish trend..
Experts believe that much of Bitcoin’s perceived sideways movement since April which has kept it mostly beneath 30 ,000 dollars is due to market uncertainty on behalf of investors who are taking profits rather than investing more – data from Switzerland based 21 e6 Capital AG shows that „hodlers“ or those who held BTC outperformed traders by 31 % over the first half of 2020 indicating far less speculative activity compared to previous years