In the past week, $53.1 million worth of Bitcoin was removed from digital asset investment products. This is the first time in six weeks that more funds have flowed out of these products than in.
There are a few possible reasons for this. One possibility is that investors are taking profits after a recent rally in Bitcoin prices. Another possibility is that investors are becoming more cautious about the future of Bitcoin, given the recent volatility in the cryptocurrency market.
It is important to note that this is just one week’s data, and it is too early to say whether this trend will continue. However, it is worth keeping an eye on Bitcoin outflows in the coming weeks to see if they continue to trend higher.
A new report from digital asset investment firm CoinShares suggests that profit-taking is the main reason for the recent decline in Bitcoin prices. The report notes that there were few macroeconomic triggers that could have influenced BTC’s price in the past week, which supports the theory that investors are simply taking profits after a recent rally.
The report also notes that meaningfully staying above the psychologically significant threshold of $30,000 could be a challenge for bulls. As of Monday morning, Bitcoin was sliding towards $27,000 and down 9% from the last week, according to CoinGecko.
It is important to note that this is just one report, and it is too early to say for sure whether profit-taking is the only reason for the recent decline in Bitcoin prices. However, the report does provide some food for thought for investors who are looking to get into Bitcoin.
In the past week, digital asset investment products saw a total of $30 million worth of funds withdrawn. The providers CoinShares XBT, ProShares, and 3iQ were the hardest hit. These providers all manage exchange-traded products that are pegged to cryptocurrencies, which allow institutional investors to gain exposure to the crypto markets without actually holding the underlying assets.
It is important to note that this is just one week’s data, and it is too early to say whether this trend will continue. However, it is worth keeping an eye on digital asset investment products in the coming weeks to see if they continue to see outflows.
The “Shapella” upgrade is a significant improvement to the Ethereum network. It enhances scalability, security, and efficiency. It is the first major upgrade to the Ethereum network since the “London” upgrade in August 2021.
The successful completion of the “Shapella” upgrade has increased investor confidence in Ethereum, which has led to an increase in inflows. This is a positive sign for Ethereum and could lead to further gains in the future.
