Negative Trend Continues in Bitcoin and Cryptocurrency Funds

lupafilotaxia (74)in Project HOPE • 8 months ago

The price of Bitcoin has moved -1.0% since yesterday, but at the time of writing this has not yet impacted the $27,000 level, as the price is still oscillating in this important area.

According to Nickolas Plaza of the "CryptoNews" portal, "A recent report from cryptocurrency investment firm CoinShares reveals that outflows totalling $54 million were recorded last week alone".

It also stated that "Withdrawals were led by BTC-based funds. According to the company, the leading digital currency accounted for 85% of outflows, with outflows last week amounting to $45 million".

One of the elements highlighted in the aforementioned Plaza article is that "Mutual funds are financial instruments that allow exposure to the price of digital currencies such as Bitcoin without having to buy and store it directly. Among those that lost the most in the "haemorrhage" are ProShares ETF, ETC Inssuance and CoinShares XBT".

In this regard, "Behind BTC is ether (ETH), Ethereum's native currency, which recorded outflows totalling $4.8 million last week. Despite the data presented, the firm believes the cryptocurrency has "attractive investment fundamentals, including high demand for its staking performance".