Crypto Investment Products and Outflow Funds for the second week in a row. with Ether posting the largest outflows on record as institutional investors took a step back, on Monday (14/6/2021).
Crypto Outflow Week two
The news reported from Reuters, that total crypto outflows reached 21 million US dollars for the week ending 11 June. Since mid-May, the total outflow has reached 267 million US dollars, which represents 0.6% of the total asset under management (AUM).
Ether, the use of tokens in the Ethereum blockchain, data shows the biggest increase in the last week of 12.7 million US dollars. Token has been one of the strongest players this year.
Coinshare Investment Products
However, CoinShares investment products said last week's ether inflows differed among investors.
Ether was last up 1% on the day at 2,536 US dollars. Since touching a record 4,380.64 US dollars, on May 12, ether has fallen 40%.
Bitcoin Investment Products
Flows in bitcoin cooled last week to 10 million US dollars, which is significantly lower than the previous week's record of 141 million US dollars, CoinShares data shows. Trading activity in bitcoin products was up 43% from the previous week.
Tesla boss Elon Musk tweeted that Bitcoin rose above $40,000. Meanwhile, Tesla sells the currency but can continue transactions using it. He further then rose 1.8% at the level of 39,686 US dollars.
“Bitcoin rose above 40,000 US dollars. Meanwhile, Tesla sells the currency but can continue transactions using it. It then rose 1.8% to $39,686." Tweet from Tesla Boss Elon Musk, on Monday (14/6/2021).
Meanwhile, Bitcoin is currently trading 36 percent below its 11-year exponential trend. “Investors should resist the urge to close positions and instead go the other way if they have the emotional and financial resources to do so.” Said Dan Morehead, co-chief investment officer at Pantera Capital, in his book Blockchain Surat on Monday (14/6/2021)
Morehead adds, Bitcoin trend is generally up… Anyone who has held bitcoin for 3.25 years is definitely making money.
In fact, Grayscale, the largest cryptocurrency manager, raised AUM to 33.04 billion US dollars last week, from 30.3 billion US dollars the previous week.
Meanwhile, CoinShares, the second largest digital asset manager, saw AUM slip to as low as $3.8 billion, from nearly $4 billion a week earlier.