Investors have pulled money out of digital assets for a third week – the longest run of outflows in over 3 years

  • Date: 22-Jun-2021
  • Source: Business Insider
  • Sector:Technology
  • Country:Middle East
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Investors have pulled money out of digital assets for a third week – the longest run of outflows in over 3 years

Investors have pulled money out of digital assets for the third week running, making this the longest series of consecutive outflows since February 2018, a CoinShares published on Monday showed. The report, which analyses institutional digital asset flows, found that overall outflows totalled $79 million last week and were led by bitcoin, which has now experienced six consecutive weeks of investment being pulled. Last week, bitcoin outflows came to $89 million as bearish sentiment around the world's biggest cryptocurrency continued to dominate markets. Bitcoin was last down 27.1% over the past seven days to Tuesday, 9:47 am E.T. based on data, having fallen below $30,000. Six weeks ago in early May, when the outflows tracked by CoinShares began, bitcoin was changing hands for nearly twice that amount, at around $58,000. Outflows from coins linked to the ethereum network totalled $1.9 million last week, following a drop of $12.7 million the week . "As a percentage of assets under management it represents 0.14%, implying most of the negative sentiment has been focussed on bitcoin. Weekly trading volumes in ethereum investment products have fallen by 80% since the May highs," the report noted. Ether, the main cryptocurrency that runs on the ethereum