Investors yank out US$29 mln this month from Bitcoin: CoinShares

Bitcoin outflows totaled US$21 million, bringing month-to-date outflows to US$29 million, even as short-Bitcoin positions witnessed minor inflows of US$2.6 million, according to digital asset manager CoinShares.

See related article: Markets: Bitcoin, Ether fall; memecoins lose steam, BNB edges higher

Fast facts

• Investors pulled out US$17 million from digital asset investment products last week, James Butterfill, head of research at CoinShares said in a blog post on Monday.

• Exchanges in Europe recorded inflows of US$20 million, while outflows from North and South American exchanges totaled US$36 million in the last week, according to the CoinShares report.

• A series of alt coins saw US$3.9 million in inflows, with Uniswap recording US$100,000 in inflows or 6.6% of assets under management.

• “It is difficult to discern if this is a meaningful change in sentiment given its small size although minor outflows were seen across a broad set of providers,” Butterfill said. “It also comes at a time of low trading volume and a recovery in prices suggesting there could be an element of minor profit taking.”

• Ethereum witnessed only US$100,000 in inflows last week, despite the upcoming “Merge”, the CoinShares report showed.

See related article: ETH futures contracts open interest on Binance breaks 8-month high: Glassnode