Analysts report a modest outflow from crypto funds

Outflows from cryptocurrency investment products from October 15 to 21 totaled $5 million, versus inflows of $12 million a week earlier. CoinShares analysts attributed the figures to CoinShares.

Trading volume fell to $758 million, the lowest since October 2020. By comparison, a year ago the figure averaged $7 billion.

In traditional Bitcoin funds there were inflows of $4.6 million ($8.8 million a week earlier).

From products that allow short exposure to Bitcoin, $7.1 million was withdrawn after inflows of $6.7 million in the previous reporting period.

Outflows from Ethereum funds amounted to $2.5 million, versus $3.9 million a week earlier.

Among products based on other altcoins, XRP led inflows ($0.8 million), while Cardano led outflows ($0.3 million).

Earlier, trader Tone Vays forecast Bitcoin to rise to $100,000 in 2023 on the backdrop of the upcoming halving.

Read ForkLog’s Bitcoin news on our Telegram — cryptocurrency news, prices and analytics.