Bitcoin products and funds have 5th consecutive week of outflows, shows CoinShares By Reuters

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© Reuters. Representation of Bitcoin cryptocurrency 08/06/2021 REUTERS/Dado Ruvic

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By Gertrude Chavez-Dreyfuss

NEW YORK (Reuters) – Products and investment funds posted outflows of resources for the fifth consecutive week, while investors remained wary of increased scrutiny by authorities on 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 blockchain, saw outflows of $2.8 million, from a negative flow of nearly $9 million the week before.

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