CoinShares Report: Bitcoin Rally Fails To Halt Massive Outflows
- Bitcoin’s price has been on the rise, there are still some skeptics who doubt the sustainability of the rally.
- Bitcoin’s price rose above $28,000 for the first time since June, almost doubling its value since the beginning of the year.
Bitcoin’s price has been on the rise, there are still some skeptics who doubt the sustainability of the rally.
CoinShares, a company that tracks digital asset investment products, has reported outflows for the sixth consecutive week, amounting to $95 million. In fact, over the past five weeks, outflows reached $406 million, which represents 1.2% of the total assets under management.
This news comes as Bitcoin’s price rose above $28,000 for the first time since June, almost doubling its value since the beginning of the year. However, investment products related to the cryptocurrency still saw outflows totaling $113 million last week. CoinShares explained that the outflows were due, in part, to the need for liquidity, rather than negative sentiment towards Bitcoin.
Despite the outflows, Bitcoin remains a popular asset for many investors, and its rising value has attracted a lot of attention. However, some remain cautious, as the cryptocurrency has a history of volatile price movements.
It is worth noting that Bitcoin is not the only cryptocurrency experiencing price surges. Other digital assets, such as Ethereum and Litecoin, have also seen significant increases in value. Some experts believe that the recent uptick in the cryptocurrency market is due to the growing interest from institutional investors.
The cryptocurrency market remains unpredictable, and investors should exercise caution when investing in these assets. While Bitcoin’s recent price surge may be exciting, it is important to remember that past performance is not always indicative of future results. As always, it is important to do your own research and consult with a financial advisor before making any investment decisions.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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