Weekly Bitcoin Outflows Increase Sharply

　　In its latest digital asset weekly fund flows report, CoinShares noted that approximately $21 million worth of investment left Bitcoin products last week. The latest sentiment shift came after BTC failed to break above the price level of $26,000.

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　　Since the start of August, almost $30 million worth of investment has left Bitcoin products. However, year-to-date BTC inflows stand at around $291 million. Global crypto asset management firms hold more than $20 billion worth of Bitcoin assets under management.

　　Ethereum investment products witnessed marginal inflows of $0.1 million last week. In terms of monthly performance, ETH attracted inflows of $16.4 million in the first two weeks of August. However, year-to-date outflows of Ethereum stand at around $300 million.

　　“Digital asset investment products saw minor outflows last week totaling US17m. 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. 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. Bitcoin bore the brunt of the outflows which totaled US$21m last week, this being the second consecutive week of outflows bringing month-to-date outflows to US$29m. Short-bitcoin saw minor inflows totaling US$2.6m,” CoinShares noted.