Bitcoin Funds Record Outflow of Funds

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CoinShares analysts estimated that $55.4 million was withdrawn from cryptocurrency investment products from August 12 to 18, a notable contrast to the $28.5 million inflow during the previous week.

This was attributed by them to the delayed decision from the SEC regarding the approval of the ARK Invest and 21Shares application to launch a Bitcoin-ETF.

Seasonal effects also reduced trading volumes leaving prices vulnerable to large transactions, shrinking the volume of assets across all products by 10% to $32.3 billion. Bitcoin-focused funds saw the biggest outflow of $42 million while Ethereum funds experienced a total outflow of $9 million.

Fund withdrawals were also seen in products based on Polygon, Litecoin and Polkadot with figures of $0.9 million, $0.6 million and $0.5 million respectively.

The wave of receipts in XRP funds continued for the 17th week in a row with an inflow of $1.2 million.