Bitcoin 'profit-taking' helps snap six-week run of digital asset inflows: CoinShares
Quick Take
- Bitcoin saw $53 million in outflows last week, according to CoinShares.
- Ethereum had $17 million of inflows as momentum picked up post-Shapella.
Bitcoin outflows of $53 million helped snap a six-week run of inflows to digital asset investment products, according to CoinShares.
The outflows began after bitcoin reached the $30,000 price plateau, which CoinShares suggests indicates that the most recent sell-off was "a result of profit-taking, particularly in the absence of any macro-economic triggers."
The previous four weeks had seen inflows of $310 million for the world's largest cryptocurrency by market cap.
Overall outflows for last week were $30 million as the price of bitcoin fell about 10%.
Ethereum's Shapella upgrade seemed to show promise to investors who piled $17 million into related assets. The inflows suggest "increasing confidence" in the recent changes to the blockchain.
Aside from the big two cryptocurrencies, Polygon saw another week of inflows with an additional $1 million.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.