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Market

The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report

May 30, 2023 - Around 2 mins mins to read

Key Points:

  • According to Coinshares, the net outflow of digital asset investment products was $39 million last week.
  • It was the sixth consecutive week of outflows totaling $272 million.
  • Bitcoin outflows were $11.5 million, and its short products outflowed $10.9 million.
The net outflow of digital asset investment products was $39.3 million last week, according to CoinShares weekly report statistics, marking the sixth consecutive week of fund withdrawals totaling $272 million.
The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report
The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report 3

The net outflow of Bitcoin investment products was 11.5 million US dollars last week. Bitcoin-shorting funds had a net outflow of $10.9 million last week, representing for 36% of total assets under management, which have slid from a high of $198 million in mid-May to $144 million today.

Altcoins also saw outflows last week, with Algorand losing 65% of its AUM (roughly $8 million) last week, and Ethereum investment products losing $5.9 million.

This week, Algorand lost 65% of its assets under management ($8 million). Last week, Algorand suffered an outflow of 65% of its assets under management (roughly $8 million).

On Tuesday, cryptocurrency markets were mixed. XRP, Solana, and Litecoin were trading up, while Bitcoin, Ethereum, and BNB were down.

Profits were booked in Bitcoin and other leading cryptocurrencies. The previous day’s post-debt limit accord rise came to an end as crypto assets struggled with the narrative issue, confusing traders. But, the debt limit deal must still be approved by the split House of Representatives, and several Republican legislators have indicated resistance to House Speaker Kevin McCarthy.

After a weekend bounce, Bitcoin was back in the red on Tuesday, dropping roughly a percent to fall below the $28,000 level. Nevertheless, Ethereum, the second biggest peer, was also in the red but managed to keep the $1,900 mark. Altcoins were dropping in value with blue-chip tokens.

The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report
BTC price chart. Source: TradingView

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News

Algorand

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Digital Asset Was

Net outflow

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Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.
Market

The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report

Key Points:

  • According to Coinshares, the net outflow of digital asset investment products was $39 million last week.
  • It was the sixth consecutive week of outflows totaling $272 million.
  • Bitcoin outflows were $11.5 million, and its short products outflowed $10.9 million.
The net outflow of digital asset investment products was $39.3 million last week, according to CoinShares weekly report statistics, marking the sixth consecutive week of fund withdrawals totaling $272 million.
The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report
The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report 6

The net outflow of Bitcoin investment products was 11.5 million US dollars last week. Bitcoin-shorting funds had a net outflow of $10.9 million last week, representing for 36% of total assets under management, which have slid from a high of $198 million in mid-May to $144 million today.

Altcoins also saw outflows last week, with Algorand losing 65% of its AUM (roughly $8 million) last week, and Ethereum investment products losing $5.9 million.

This week, Algorand lost 65% of its assets under management ($8 million). Last week, Algorand suffered an outflow of 65% of its assets under management (roughly $8 million).

On Tuesday, cryptocurrency markets were mixed. XRP, Solana, and Litecoin were trading up, while Bitcoin, Ethereum, and BNB were down.

Profits were booked in Bitcoin and other leading cryptocurrencies. The previous day’s post-debt limit accord rise came to an end as crypto assets struggled with the narrative issue, confusing traders. But, the debt limit deal must still be approved by the split House of Representatives, and several Republican legislators have indicated resistance to House Speaker Kevin McCarthy.

After a weekend bounce, Bitcoin was back in the red on Tuesday, dropping roughly a percent to fall below the $28,000 level. Nevertheless, Ethereum, the second biggest peer, was also in the red but managed to keep the $1,900 mark. Altcoins were dropping in value with blue-chip tokens.

The Net Outflow Of Digital Asset Was $39.3 Million: CoinShares Weekly Report
BTC price chart. Source: TradingView

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.

Join us to keep track of news: https://linktr.ee/coincu

Harold

Coincu News