Crypto funds had $17 million in outflows in the seven days up to Aug. 12, ending six consecutive weeks of inflows, according to a CoinShares report.
Bitcoin (BTC) investment products saw $21 million in outflows, and short bitcoin positions, which bet on a price decline of the largest cryptocurrency by market capitalization, had $2.6 million in inflows.
Altcoin funds had outflows of just $100,000 for ethereum and tron and $200,000 for cardano and XRP.
For crypto investment providers, outflows were split across ProShares, Purpose, 3iQ Digital Asset Management and CI Investments.
“It is difficult to discern if this is a meaningful change in sentiment given its small size, although minor outflows were seen across a broad set of providers,” James Butterfill, CoinShares' investment strategist, wrote in the report. “It also comes at a time of low trading volume and a recovery in prices, suggesting there could be an element of minor profit-taking.”
Outflows were spread across regions. Canadian outflows totaled $26 million and U.S. outflows totaled $10 million. Australia, Brazil and Switzerland all saw outflows of around $1 million.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.