Analysts record second consecutive weekly outflow from crypto funds

Net withdrawals from cryptoasset investment products for 13–19 August amounted to $9 million, versus $17 million a week earlier. The estimates come from analysts at CoinShares.

Trading volume, at $1 billion, showed the second-lowest level of the year and was 55% below the average.

A $15 million outflow was observed in traditional bitcoin funds. In products that allow shorting the first cryptocurrency, there was an inflow of funds ($0.2 million).

Inflows into Ethereum-based products ($3 million) continued for the ninth week in a row, but at a minimal pace. Despite renewed interest ahead of The Merge on 15–16 September, Ethereum funds have recorded outflows of $296.8 million year-to-date.

Investors poured a total of $2.7 million into altcoin-basket funds for the week. Among individual instruments, Solana-based funds stood out with outflows of $1.4 million.

Earlier, Galaxy Digital CEO Mike Novogratz forecast that Bitcoin would remain in the $20,000–$30,000 range биткоина в коридоре $20 000–$30 000.

Earlier, Euro Pacific Capital president Peter Schiff doubted that digital gold would reach new highs. In his view, the first cryptocurrency is more likely продолжит падение к $10 000 и ниже.

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