Investors paid back a net $ 22.1 million from cryptocurrency funds last week, the sixth straight week of outflows, despite a surge in Bitcoin and many other digital assets, a new report shows.
According to the report by digital asset manager CoinShares on Monday, this is the longest runoff since January 2018.
Investors have seen an outflow of $ 22 million from Bitcoin, despite the fact that the largest cryptocurrency recently traded from a low of $ 29,608 last month to $ 48,200. Bitcoin changed hands at $ 46,074 at press time, which has changed little in the past 24 hours.
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CoinShares found that the outflows “come at a time of low investor participation, likely due to seasonal effects such as those seen in other asset classes.” The trading volume of investment products is $ 3.1 billion per week, up from $ 7 billion in May.
Total assets under management in digital asset investment products increased 10% week to week to $ 55 billion, largely due to price increases.
Last week, investment products focused on net outflows of $ 1.1 million, while Binance coin-related funds saw an outflow of $ 900,000 and investors redeemed $ 300,000 from multi-asset funds.
Funds focused on Polkadot, Cardano and Stellar had weekly inflows of $ 0.4 million, $ 1.3 million and $ 0.4 million, respectively.