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Crypto sees 2nd week of outflows; ether posts record outflows -CoinShares

Reuters2021-06-15

NEW YORK, June 14 (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.

Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM).

Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.

But CoinShares said ether inflows last week were mixed, "implying mixed opinions among investors."

Ether was last up 1% on the day at $2,536. Since hitting a record $4,380.64 on May 12, ether has fallen 40%.

The outflows in bitcoin cooled last week to $10 million, significantly lower than the previous record week of $141 million, CoinShares data showed. Trading activity in bitcoin products rose 43% from the previous week.

Bitcoin rose above $40,000 on Monday following tweets from Tesla boss Elon Musk, who said Tesla sold the currency but may resume transactions using it.It was last up 1.8% at $39,686.

While bitcoin is currently trading 36% below its 11-year exponential trend, Dan Morehead, co-chief investment officer at Pantera Capital, said in his Blockchain Letter on Monday that investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so.

"Bitcoin generally goes way up...Anyone that has held bitcoin for 3.25 years has made money," said Morehead.

Grayscale, the largest digital currency manager, raised its AUM to $33.04 billion last week, from $30.3 billion the previous week.

CoinShares, the second biggest digital asset manager, saw AUM slip to $3.8 billion, from nearly $4 billion the week before.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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Comment15

  • Brent_Yap
    ·2021-06-15
    Nice
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  • 欧克的帅
    ·2021-06-15
    OK
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  • WilsonTan112
    ·2021-06-15
    Like and reply!
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    • Singman
      pls do same to me.
      2021-06-15
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  • Joelaw
    ·2021-06-15
    Y
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  • Clover24
    ·2021-06-15
    Coinbase 
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  • MieCheng
    ·2021-06-15
    Wow
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    • JASLIM
      lol
      2021-06-15
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    • JASLIM
      haha
      2021-06-15
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    • MieCheng
      yes
      2021-06-15
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  • Ti82
    ·2021-06-15
    Good read
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  • 1Man2Stonks
    ·2021-06-15
    Nice moon
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  • shearbutter
    ·2021-06-15
    Pls comment
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    • DLiew
      Like and respond
      2021-06-15
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    • firefirefire
      liked butter
      2021-06-15
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  • andrew123
    ·2021-06-15
    Crypto related stk saw big jump after elon remark
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    • andrew123
      basically to hold or sell depend on yr own tgt objective cos no one can predicit going forward wat news coming out, + or -
      2021-06-15
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    • Emiiiiii
      Agree
      2021-06-15
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    • Ti82
      Dominated by big player
      2021-06-15
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    View more 1 comments
  • VSkemama
    ·2021-06-15
    Please like and comment
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    • 堵神
      done.. please reply thanks ☺️
      2021-06-15
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  • firefirefire
    ·2021-06-15
    Correction?
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    • firefirefire
      champion
      2021-06-15
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    • andrew123
      after correction than recovery phase. crypto related stk recover after elon remarks
      2021-06-15
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  • JayTan
    ·2021-06-15
    Like and comment pls 
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  • Glenna
    ·2021-06-15
    pls loke n comment 
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  • ping23
    ·2021-06-15
    pls like my post
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