Cryptocurrency investment products and funds posted outflows to start the second half of the year, as cautious sentiment persisted in the midst of ...
Cryptocurrency investment products and funds posted outflows to start the second half of the year, as cautious sentiment persisted in the midst of a summer lull, according to data from digital asset manager CoinShares released on Monday.
Crypto outflows were US$4 million in the week ended July 9, with bitcoin products showing the most outflows of nearly US$7 million in what was the quietest trading week since October 2020. The outflows came after a two-week run of inflows, CoinShares said in its report.Blockchain data provider Glassnode said in a report on Monday that there are signs of recovery in bitcoin mining, a sector that has been hit hard recently due to China's restrictions.
Despite bitcoin's struggles this year, the world's most popular cryptocurrency was up about 14per cent in price in 2021.Ether, the token used in the Ethereum blockchain, posted a minor outflow of US$800,000 the last week. So far this year, ether's net inflows totaled US$961 million.
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