Bitcoin has seen two straight weeks of outflows, while investors have poured money into ether for a third week ahead of a key network upgrade: CoinShares

SourceBusiness Insider
SectorFinancial Markets
CountryMiddle east

Investors pulled their money from bitcoin products for a second straight week in the seven days to July 16, with many likely booking profits on long-held positions, while pouring money into ether for a third week, according to data from CoinShares. Bitcoin assets saw flows drop 10.4% over the week, while ether saw flows rise 11.7%, according to the company’s most recent weekly flows report released on Tuesday. Bitcoin lost around 7% in value in the week to July 16, when it fell below $32,000.

Since then, it has fallen another 6.5% to around $29,720, driven by rising investor risk aversion over the surge in cases of COVID-19 that has battered global markets this week. Since the currency peaked in April at almost $64,000, it has lost more 50%, although it is still up by over 200% over the last year. CoinShares investment strategist James Butterfill told Insider he believed a portion of the bitcoin outflows were down to longer-standing investors taking profit now in case of a steeper slide over the coming months. “Most of our funds were launched in 2015 and we saw profit-taking earlier this year and not now. So the outflows we are seeing in some more...