The Latest Crypto Fund Report from CoinShares: Bears in Control
The latest crypto fund report from CoinShares reveals that the bears were in control last week, with institutions making the highest one-week withdrawals since March. Here are the key points:
- A colossal $168 million was sold in the past seven days, marking a second-straight week of sell-offs by large players in the digital asset space.
- August showcased a market with exceptionally low trading volume, with $1.3 billion in volume, 16% below the yearly average.
- Investors are in a holding pattern as they await the much-anticipated spot Bitcoin ETF, which is likely to take longer than many accept.
- The SEC’s denial of Grayscale’s spot Bitcoin ETF application will be reviewed, potentially swaying the market.
- Bitcoin saw the majority of outflows, with large players selling $149 million worth of shares over the last seven days.
This bearish sentiment is broad-based, with institutional sellers coming from across the globe. Germany and Canada saw significant outflows, with $68 million and $61 million respectively. Ethereum also saw $17 million in outflows, while Litecoin and Ripple saw minor purchases. Stablecoin volumes have declined, indicating less appetite for the dollar.
Hot Take:
The latest crypto fund report from CoinShares shows that bears are firmly in control, with institutions making significant sell-offs. The market is experiencing exceptionally low trading volume, and investors are eagerly awaiting the Bitcoin ETF. A judge’s order to review the SEC’s denial of Grayscale’s ETF application could sway the market. Bitcoin and Ethereum have seen the majority of outflows, while stablecoin volumes have declined. The bearish sentiment is widespread, with institutional sellers from around the world. Overall, the report paints a picture of a market in a holding pattern, waiting for key developments to shape its future.
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