Bearish sentiment remain focused on Bitcoin, Coinshares report says

June 22, 2021

Digital asset investment products saw a third consecutive week of outflows totalling US$79m in what is now the longest bear run in outflows since February 2018, according to a weekly report by Coinshares.

  • During the bearish sentiment of 2018 there were 7 consecutive weeks of outflows.
  • The focus of outflows continues to be Bitcoin which has endured its sixth consecutive week of outflows totalling US$89m. The outflows now total US$487m this year representing 1.6% of assets under management.
  • Sentiment remains mixed as evidenced by some providers seeing inflows while others continue to see outflows.
  • Ethereum saw minor outflows of US$1.9m, combined with outflows from the previous week now totalling US$14.6m. As a percentage of assets under management it represents 0.14%, implying most of the negative sentiment has been focussed on Bitcoin.
  • Weekly trading volumes in Ethereum investment products have fallen by 80% since the May highs. Bucking the trend last week were multi-asset investment products which saw inflows of US$10m last week. Year to date net inflows now total US$351m, representing 16% of assets under management.
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