Coinshares: four consecutive weeks of capital outflows, ethereum sells off the most, bitcoin market sentiment severely polarized

Digital asset investment products saw outflows for the fourth consecutive week, totaling $44 million.

According to the latest report published by Coinshares, digital asset investment products saw outflows for the fourth week in a row, totaling $44 million. As negative sentiment remains prevalent, weekly net outflows since mid-May have totaled $313 million, or 0.8 % of total assets under management (AuM). This outflow is relatively small compared to the negative sentiment at the beginning of 2018, when outflows were 4.9 % of total assets under management.

Coinshares: four consecutive weeks of capital outflows, ethereum sells off the most, bitcoin market sentiment severely polarized

Most of the negative sentiment this week was focused on Ether, with net outflows totaling $50 million, the largest net outflow on record. These outflows represent about 5 percent of the year-to-date inflows of $943 million.

Bitcoin also saw a small amount of outflows totaling $1.3 million, the seventh consecutive week of outflows. The flow of funds varied by provider, with some providers seeing significant outflows while others saw inflows, suggesting that investor sentiment towards bitcoin is not uniform and the market remains just about as fragmented as it can be.

Multiple digital asset investment products continue to buck the trend, with $5 million in inflows last week, indicating that investors continue to favor digital assets, but are eager to diversify their digital asset allocation.

Despite the recent weakness in bitcoin sentiment, trading volumes on trusted exchanges remain high, averaging $10.8 billion in daily trading volume so far in 2021 compared to $2.2 billion in 2020

Coinshares: four consecutive weeks of capital outflows, ethereum sells off the most, bitcoin market sentiment severely polarized

The report also covers a number of recent data indicators.

Coinshares: four consecutive weeks of capital outflows, ethereum sells off the most, bitcoin market sentiment severely polarized

Image source: Internet

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