Outflows from their cryptocurrency investment products during the period from August 19 to 25 were the largest since March 2023 — $168 million. Analysts at CoinShares said this, according to CoinShares.
“The negative is tied to the understanding that creating a spot Bitcoin-ETF in the United States will likely take longer than expected, given the recent delays by the U.S. Securities and Exchange Commission,” CoinShares said.
Trading volume totalled $1.3 billion — 16% below the annual average.
From Bitcoin funds, $149 million were withdrawn compared to $42 million in the previous reporting period.
In products that allow short exposure to the first cryptocurrency, clients pulled out $4 million, versus $2.2 million a week earlier.
In altcoins, a mixed picture emerged. In Ethereum funds, outflows amounted to $16.8 million versus $9 million the previous week. Investors also reduced holdings in funds based on BNB ($0.2 million).
The inflows into XRP funds continued for the 18th week in a row. Inflows totaled $0.5 million. Litecoin- and Cardano-based products attracted $0.4 million and $0.2 million respectively.
According to Glassnode, the largest year-to-date Bitcoin drop (by 7.2%) increased the share of ‘unprofitable’ coins among short-term investors to 88.3%.