Fun

News Feed - 2023-08-08 06:08:00

Tristan Greene3 hours agoBitcoin funds see weekly outflows of $111M, most since March: CoinSharesSolana bucked the trend, with its $9.5 million in inflows taking the top spot over the past week.1464 Total views18 Total sharesListen to article 0:00NewsJoin us on social networksWeekly cryptocurrency asset flows for the week ending Aug. 4 reconciled at $107 million in outflows, continuing a three-week negative trend totaling $134.8 million.


Once again, the lion’s share of movement was attributed to Bitcoin (BTC). With $111 million in outflows, Bitcoin funds negated the majority of inflows for the week.


According to CoinShares’ “Digital Asset Fund Flows" weekly report, this indicates further “profit taking” on the heels of the previous cycle’s gains. For the month leading up to the recent spate of outflows, inflows of $742 million into crypto funds were seen, with 99% of that coming into Bitcoin.Weekly crypto asset flows. Source: CoinShares


Weekly trading volumes in investment products saw a dip below the year-to-date average, according to the report, with broader on-exchange market volumes down 62% against the relative average.


Regionally, only Australia and the United States showed inflows, with $0.3 million and $0.2 million incoming, respectively. The largest regional outflows came from Canada, with $70.8 million, and Germany, with $28.5 million.


Despite Bitcoin’s outflows, the weekly total was somewhat buoyed by inflows into Solana (SOL) in the amount of $9.5 million, up from last week’s total of $0.6 million in inflows. XRP (XRP) investment products also saw inflows of $0.5 million.


Ether (ETH) funds continue their negative trend, adding $5.9 million in outflows to the previous week’s $1.9 million. This entirely offsets prior inflows in the amount of $6.6 million and further separates it from Solana’s current bullish trend.➡️ $SOL recorded the largest inflows, totaling US$9.5m, indicating a growing positive sentiment towards #altcoins. Other notable mentions include $XRP and $LTC.

4/5 pic.twitter.com/0v8V9DjwRQ— CoinShares (@CoinSharesCo) August 7, 2023


While Bitcoin remains up for the year compared to its opening in January, many experts believe some of the perceived sideways movement that’s kept it mostly beneath $30,000 since April is due to market uncertainty.


As Cointelegraph reported, data from Switzerland-based investment adviser 21e6 Capital AG shows that Bitcoin “hodlers,” those who held funds in BTC, outperformed crypto funds by 69% in the first half of 2023.


The 2022 implosion of FTX and regulatory and legal uncertainty for numerous other exchanges may have tempted crypto fund investors to increase the amount of cash on hand versus invested funds, thus causing the current decay.


The report from 21e6 Capital AG did note that investor sentiment currently appears to be slightly up versus the first half of 2023.


Related:European digital asset manager CoinShares’ revenue up 33% in Q2# Bitcoin# Altcoin# Ethereum# Investments# CoinSharesAdd reactionAdd reactionRelated NewsHow to use index funds and ETFs for passive crypto incomeThe absurd AI mania is coming to an endBlackRock’s misguided effort to create ‘Crypto for Dummies’Bitcoin continues dominance as 3rd week of fund inflows correct previous months’ outflowsInflows into crypto investment funds rise as Bitcoin carries 99% of the loadCrypto investors cool on Bitcoin funds, turning to Ether and XRP

News Feed

Dogecoin Price Returns To Key Local Peak: Is Another Major Uptrend On The Horizon?
Este artículo también está disponible en español. Dogecoin’s price action in the past 24 hours has been characterized by a struggleto hold above the $0.20 price lev
Brazil Creates Crypto-Dedicated Investigation Unit
Brazil Creates Crypto-Dedicated Investigation Unit The public prosecution of the Federal District, located in the center-west region of Brazil, has launched its own cryptocurrency
Philippine gov’t blocks unlicensed crypto exchange sites, Binance unaffected
Ezra Reguerra13 hours agoPhilippine gov’t blocks unlicensed crypto exchange sites, Binance unaffectedBinance is still accessible in the country even after a three-month countdown imposed by the Philippines SEC for bann
Treasury Secretary Yellen Asks US Regulators Overseeing Crypto Assets to ‘Act Quickly’ to Regulate Stablecoins
Treasury Secretary Yellen Asks US Regulators Overseeing Crypto Assets to "Act Quickly" to Regulate Stablecoins U.S. Treasury Secretary Janet Yellen has asked the
Solana Price Is Breaking Out Of This Bullish Pattern — SOL To $4,700?
Este artículo también está disponible en español. The Solana price has been in red-hot form over the past week, making a play for a new all-time high this weekend. United
Pakistan Seeks to Block Websites Dealing in Cryptocurrency: Report
Pakistan Seeks to Block Websites Dealing in Cryptocurrency: Report Pakistan’s Federal Investigation Agency (FIA) is reportedly seeking to block websites dealing in cryptocur
Ethereum Price At $8,000: Pundit Predicts Parabolic Run For ETH
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Helen Partz37 minutes agoWorldcoin cryptocurrency project suspended in KenyaKenyan authorities want to ensure that Worldcoin poses no risks to the security of citizens before it allows the project to gather iris data.360
3AC’s creditors must file dividend claims by March, says Teneo
Ana Paula Pereira6 hours ago3AC’s creditors must file dividend claims by March, says TeneoThree Arrows Capital’s liquidators intend to pay interim dividends to creditors on or around March 31, 2024. Claims must be su
Free Web3
Este artículo también está disponible en español. Web3 Liberation from Postmodernism’s Stranglehold: The Art Renaissance By VESA
Thailand to Develop ‘Cryptourism,’ Considers Issuing Utility Token
Thailand to Develop ‘Cryptourism,’ Considers Issuing Utility Token In search of ways to heal its travel industry, hurt by the pandemic, Thailand is now recognizing an opportuni
Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against ‘Unacceptable Depreciation of the Cedi’
Latest Ghana Benchmark Rate Hike the Largest on Record — President Promises Action Against "Unacceptable Depreciation of the Cedi" After seeing Ghana’s inflation rate surg