Crypto funds log a $107m weekly outflow

Outflows from cryptocurrency investment products from July 29 to August 4 totaled $107 million, compared with $20.9 million a week earlier. This assessment was provided by CoinShares.

Outflows from Bitcoin funds totaled $111 million—the largest since March. Meanwhile, in products that allow shorting the first cryptocurrency, the negative momentum reversed, with no change for the first time in 14 weeks.

Investors pulled $5.9m versus $1.9m from Ethereum funds in the previous reporting period. Across other altcoins there was generally positive momentum that offset the declines in the first and second cryptocurrencies.

The largest weekly inflow since March 2022 was recorded in Solana-based funds — $9.5m. Litecoin-based and XRP-based structures attracted $0.5m each, while from Cardano-funds $0.3m flowed out.

At the end of July, venture investor and billionaire Tim Draper said that sooner or later the whole world would embrace digital gold.

Later, the crypto industry pioneer and Blockstream CEO Adam Back placed a million satoshis (0.01 BTC) on the bet that Bitcoin’s price would reach $100,000 by the halving.