Investors pulled money out of digital-asset funds as bitcoin dipped below $30,000 last week, according to a report by CoinShares. Outflows coincided with negative sentiment that preceded a near-24% price jump in bitcoin over the past seven days.
Mondayâs crypto price rally â bitcoin jumped above $38,000 â could encourage digital-asset inflows because many investors have been on the sidelines since the sell-off in May.
Overall, digital-asset products saw outflows for the third consecutive week, totaling $28 million in the seven days through July 23.
âBitcoin saw a majority of the outflows, which totaled $24 million, the largest outflows since mid-June,â according to CoinShares. Ethereum products saw outflows of $7.3 million.
However, net flows year-to-date remain positive with inflows of $4.1 billion, albeit well off the cumulative peak of $4.7 billion in early May.
Multi-asset investment products saw another week of inflows totaling $3.1 million, which suggests investors are diversifying their cryptocurrency exposure.
Chart shows weekly digital asset fund flows.
Source: CoinShares
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