Crypto Funds Experience First Weekly Outflow in a Month

The outflow from cryptocurrency investment funds between July 27 and August 2 amounted to $528 million, more than double the inflows of the previous week ($245 million), according to data from CoinShares.

Analysts attributed the negative trend to recession fears in the US, escalating geopolitical tensions, and a subsequent wave of long liquidations in risky assets.

The turnover of ETP remained at its highest level since May ($14.8 billion).

Clients withdrew $400 million from bitcoin-related products following an inflow of $519 million the previous week. Investors contributed $1.8 million to structures allowing short positions on digital gold (previously $0.3 million).

Instruments based on a basket of altcoins attracted $18.1 million.

The outflow from Ethereum funds amounted to $146 million, increasing to $430 million since the launch of the ETF.

Earlier, experts assessed the impact of fund withdrawals from Grayscale’s GBTC on Ethereum’s dynamics.

ForkLog previously discussed with experts the reasons for the dump and identified conditions under which major coins might begin to recover. Read the details in the article.