Bitcoin outflows accelerate as ‘summer doldrums' set in, altcoins see minor inflows Bitcoin BTC digitalassetinvestmentproducts
- Outflows from digital asset investment products accelerated last week as the latest data provided by CoinShares shows that a total of $107 million was pulled from various institutional products, with Bitcoin accounting for the majority of outflows.
“The summer doldrums are in full force with weekly trading volumes in investment products 36% below the year-to-date average, but the broader on-exchange market volumes have suffered more, down 62% relative to the YTD average,” Butterfill said.Canadian exchange-traded product providers accounted for the largest outflows, with $71 million exiting these products, while German ETPs experienced $29 million in outflows.
Solana had the biggest increase with $9.5 million of inflows, its largest single week of inflows since March 2022. XRP and Litecoin saw inflows of $0.5 million and $0.46 million, respectively. Uniswap and Cardano saw outflows of $0.8 million and $0.3 million, respectively. According to the latest analysis from Bloomberg Intelligence’s Jamie Coutts, the data shows that Bitcoin “tourists are inactive while residents are accumulating swiftly, owning 74.8% of all [BTC] supply.”
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