Bitcoin products and funds have 5th consecutive week of outflow of resources, shows CoinShares

Bitcoin products and funds have 5th consecutive week of outflow of resources, shows CoinShares

Bitcoin cryptocurrency representation

By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Bitcoin products and investment funds posted outflows for the fifth straight week, while investors remained wary of increased scrutiny by authorities over digital assets, data from administrator CoinShares showed on Monday.

Outflows for the world’s most popular cryptocurrency totaled $33 million for the week ending Aug. 6, compared with $19.7 million the week before. Year-to-date, however, resource flows to bitcoin remained robust at $4.2 billion.

Total outflows of other cryptocurrencies amounted to nearly $26 million, although CoinShares noted that the magnitude of outflows was much smaller than in May and June.

“There’s all this focus on cryptocurrency because, with all the new financial products and innovative solutions, governments, who are here to protect investors, are going to ask themselves if this is a good idea and then they’re going to look at it more,” said Matthijs de Vries, chief technology officer at infrastructure provider AllianceBlock.

Bitcoin hit an 11-week high on Monday, above $46,000.

CoinShares data also showed that ether, the token used in the Ethereum blockchain, had outputs of 2.8 million dollars, from a negative flow of nearly 9 million dollars in the previous week.

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