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Crypto funds saw outflows for the first time in seven weeks. (CoinShares)
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Crypto funds had $17 million in outflows in the seven days up to Aug. 12, ending six consecutive weeks of inflows, according to a CoinShares report.
Bitcoin (BTC) investment products saw $21 million in outflows, and short bitcoin positions, which bet on a price decline of the largest cryptocurrency by market capitalization, had $2.6 million in inflows.
Altcoin funds had outflows of just $100,000 for ethereum and tron and $200,000 for cardano and XRP.
For crypto investment providers, outflows were split across ProShares, Purpose, 3iQ Digital Asset Management and CI Investments.
“It is difficult to discern if this is a meaningful change in sentiment given its small size, although minor outflows were seen across a broad set of providers,” James Butterfill, CoinShares’ investment strategist, wrote in the report. “It also comes at a time of low trading volume and a recovery in prices, suggesting there could be an element of minor profit-taking.”
Outflows were spread across regions. Canadian outflows totaled $26 million and U.S. outflows totaled $10 million. Australia, Brazil and Switzerland all saw outflows of around $1 million.
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