Bitcoin outflows jump at Coinshares despite rally
Bitcoin’s price may be surging, but that doesn’t mean everyone’s convinced the rally will continue.
Coinshares’s digital asset investment products saw outflows for the sixth consecutive week that totaled $95 million. That figure reached $406 million over the past five weeks, representing 1.2% of total assets under management.
That’s despite the cryptocurrency soaring to above $28,000 for the first time since June on Sunday, getting close to doubling its value from the start of the year.
Bitcoin saw outflows in investment products totaling $113 million last week. Coinshares said the flows were, in part, due to the need for liquidity rather than negative sentiment.
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Author: Christiana Loureiro