Ethereum saw record outflows last week, as investors pulled $13 million from the second largest cryptocurrency
- Investors pulled $12.7 million from
ethereuminvestment products last week, according to data from CoinShares.
- The outflows mark a record high for ethereum after the cryptocurrency served as a 'stalwart' during
bitcoin's recent slide.
- Bitcoin outflows are showing signs of cooling.
Ethereum products were hit with outflows of $12.7 million in early June, the biggest decline on record as institutional investors were working out their views on the blockchain's digital token after serving as a pillar of support during bitcoin's recent plunge.The data from CoinShares, a digital currency management firm, came in an update published Monday which also said outflows from digital assets last week reached $21 million, marking a second straight week of negative net investment.
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Bitcoin, the world's most traded cryptocurrency, was rocked by a recent selloff that began in May stemming in part from threats from China about cracking down on mining and trading and cryptocurrency taxation efforts by US officials.But bitcoin outflows of $10 million last week were sharply less than the prior week's record decline of $141 million. Trading activity in bitcoin investment products rose by 43% compared with the previous week, said CoinShares.
Total weekly outflows in digital products have reached $267 million since mid-May, which represents 0.6% of total assets under management."While sentiment has weakened over the last month investors on the whole remain committed given the magnitude of inflows seen this year which represent 13% of AuM, or $5.8 billion," a figure that nearly matches the $6.7 billion logged in 2020, the company said. Bitcoin this week has jumped above $40,000 after Elon Musk tweeted that Tesla would accept bitcoin payments again once mining can be done using cleaner energy. Meanwhile, ether's price advanced and flirted with $2,600.
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