Bitcoin-focused funds had outflows totalling $19.7 million, partly offset by net inflows to funds focused on other categories, including multi-asset funds.

Digital-asset investment products had their fourth straight week of net outflows, even as cryptocurrency markets staged their biggest rally since early this year. 

Net outflows across all digital-asset funds totaled $19.5 million, according to a report Monday by CoinShares.


Source: CoinShares

Bitcoin-focused funds had outflows totaling $19.7 million, partly offset by net inflows to funds focused on other categories, including multi-asset funds. 

The price of bitcoin has been on the rise since its July 20 low around $29,000. At press time, bitcoin was trading at $39,716, down 3% on the day. 

The outflows during bitcoin’s recent price recovery suggests “investors were using recent strength in prices to take profits,” according to the CoinShares report. 

On a year-to-date basis, cumulative inflows for all digital-asset funds remain high , at $4.1 billion, the firm said..  

Funds focused on ether, the native cryptocurrency of the Ethereum blockchain and the second-biggest overall after bitcoin by market cap, had outflows totaling $9.5 million, for the second consecutive week. The report said that although investors have been more forgiving, ether is seeing outflows in “only six of the last 12 weeks, compared to 10 for bitcoin.”


All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.

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