Crypto Funds See Minor Outflows Amid Trading Volume Dip: CoinShares
source link: https://www.coindesk.com/markets/2022/08/22/crypto-funds-see-minor-outflows-amid-trading-volume-dip-coinshares/
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Crypto Funds See Minor Outflows Amid Trading Volume Dip
Crypto funds saw a second week of outflows as investor movement stagnates. (CoinShares)
Crypto funds saw minor outflows totaling $9 million in the seven days up to Aug. 19, as trading volume dropped to $1 billion, the second lowest this year, according to a CoinShares report.
Bitcoin (BTC) investment products saw a third straight week of outflows totaling $15 million. The largest cryptocurrency by market capitalization plunged 10% on Aug. 19 after the U.S. Federal Reserve’s meeting minutes hinted at further interest rate hikes.
Ether (ETH) funds saw inflows totaling $2.9 million. Investor optimism strengthened as the network’s switch from proof-of-work to proof-of-stake, dubbed the Merge, draws closer.
Other altcoin funds saw mixed movement with outflows totaling $1.4 million for SOL and inflows totaled $500,000 for ADA and $300,000 for XRP.
Regionally, outflows were concentrated in the U.S., totaling $10 million. Minor outflows totaled $2.4 million for Germany and $2.1 million for Sweden. Inflows totaled $2.5 million for Brazil and $1.9 million for Switzerland.
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