Crypto funds saw a $4 million net capital outflow for the week ended July 9, reversing from the prior week’s net capital inflow of $63 million, as trading volume in bitcoin, the largest cryptocurrency, dropped to $1.58 billion, the lowest since October 2020. 

For the week ended July 9, bitcoin-focused funds recorded a $7 million capital outflow, according to a report by digital asset manager CoinShares. The cryptocurrency’s price has been consolidating in a narrow range of $32,000 to $35,000. 

For recent weeks, North American funds dedicated to bitcoin have seen constant capital inflows while their European counterparts kept seeing outflows, which indicates “a geographic divergence in sentiment at present,” according to CoinShares. 

Since the start of the year, multi-asset investment funds have seen an $362 million net capital inflow in total, representing 16.5% of assets under management of such funds. Crypto funds dedicated to bitcoin have witnessed $4.184 billion of net inflows, representing 15.6% of assets under management, while ether has attracted $961 million, or 9.9%. 

“While the inflows [in multi-asset investment funds] remain relatively small in comparison to bitcoin and Ethererum, the data does imply that investors are increasingly looking to diversify their digital asset holdings,” wrote CoinShares.