Bitcoin Investment Products Lose Money For Five Weeks In a Row
For the fifth week in a row, despite the rise of the BTC rate, institutions are withdrawing funds from Bitcoin investment products. But money continues to flow into Ethereum products and altcoins.
According to CoinShares, the churn was $26 million over the past week. But compared to May and June, the outflow of funds has significantly decreased.
In addition, despite the rise in the rate of the first cryptocurrency, Bitcoin funds have lost $33 million over the past week. CoinShares’ own BTC product lost $63.3 million.
However, Grayscale was an exception. According to the latest report, dated August 10, the aggregate value of assets managed by his funds has again surpassed $40 billion since mid-May.
Nevertheless, investment products based on Ethereum brought in $2.8 million in a week. At the moment, Ether products account for 26% of the capital invested in institutional crypto products.
XRP, Bitcoin Cash, Cardano and the multi-asset funds also received small inflows of money. Each of them had an inflow of 1.1 million to 800 thousand dollars.
CoinShares also noted that a new record had already been set in 2021 – 37 new cryptocurrency funds were launched (30 funds were launched in 2018).
Following the recent market growth, the AUM of all institutional crypto products has surpassed $50 billion – the highest level since mid-May.