The outflow from crypto investment products for 3–9 September totalled $63 million, versus $8.7 million a week earlier (adjusted for a $17.9 million inflow into bearish Bitcoin funds). Analysts at CoinShares said.
Over the last five weeks, total withdrawals from crypto investment products amounted to $99 million.
Turnover, around $1 billion, was 46% below this year’s average.
In traditional Bitcoin funds, outflows reached $13 million (negative momentum has been recorded for a fifth week running). In products that allow short exposure to the first cryptocurrency, inflows were recorded ($10.6 million).
Ethereum funds continued to see outflows for a third consecutive week, at markedly higher pace ($61.6 million vs $2.1 million a week earlier). Analysts linked this to investor concerns about potential issues scheduled for September 15 The Merge.
No notable changes were observed in products based on other altcoins.
Chainalysis noted a divergence in the prices of the two largest cryptocurrencies after The Merge. Analysts say that staking will make Ethereum resemble bonds or exchange-traded products, and, accordingly, could attract institutional capital.
Earlier, a trader using the pseudonym filbfilb predicted a drop in Bitcoin from current levels to $10,000–$11,000.
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