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Home»Bitcoin»Bitcoin sees unprecedented weekly outflows amid profit-taking
Bitcoin

Bitcoin sees unprecedented weekly outflows amid profit-taking

2023-08-08No Comments3 Mins Read
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  • Profit-taking activity has rallied in the past few weeks.
  • This led to a 400% jump in weekly outflows from digital assets investment products last week.

Increased profit-taking led to another week of outflows from digital asset investment products, the investment firm CoinShares found in its new report. 

According to the report, last week’s outflows totaled $107 million. This represented the fourth week of consecutive outflows from investment funds and a 400% increase from the $2.1 million registered outflows the previous week. 

Source: CoinShares

CoinShares noted further that “summer doldrums” have set in. This is a term used to describe the period of time during the summer months when trading activity in financial markets tends to slow down. This can be because many people are on vacation, and there is less news and economic data to drive trading decisions.

Regarding the crypto market, CoinShares found,

“The summer doldrums are in full force with weekly trading volumes in investment products 36% below the year-to-date average, but in the broader on-exchange market, volumes have suffered more, down 62% relative to the YTD average.” 

There were a number of possible reasons for the drop in weekly trading volumes as summer nears its end, with the most prominent being the neutral sentiment that has permeated the crypto market. This has caused leading coins Bitcoin [BTC] and Ethereum [ETH], to linger in narrow price ranges since April.

It was, however, key to note that summer doldrums are a normal part of the cryptocurrency market cycle. It is often followed by renewed interest and market growth.

See also  Bitcoin Price is trying to follow XRP, but this resistance is key

Bitcoin sees its largest weekly outflows since March

Still facing significant resistance at the $30,000 psychological price level, BTC outflow totaled $111 million last week. This was a 472% jump in weekly outflows from the king coin compared to the $19.4 million recorded in the previous week.

Source: CoinShares

According to CoinShares, last week’s outflows represented,

“the largest weekly outflows since March, when US regulatory scrutiny began escalating.”

Interestingly, after 14 weeks of consecutive liquidity exit, “the outflows into short bitcoin have stopped,” the report noted. Although no inflows were registered, the lack of outflows suggested that investors did not bet against BTC’s price last week. This may be a bullish signal, indicating less selling pressure on the market.

Ethereum reverses trend once again

After a weekly inflow of $6.6 million in the previous week, ETH logged outflows of $6 million last week. 

As for other altcoins:

“Other notable mentions were XRP and Litecoin, with inflows of US$0.5m and US$0.46m, respectively. Uniswap and Cardano saw outflows of US$0.8m and US$0.3m, respectively.”

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Bitcoin outflows ProfitTaking Sees Unprecedented weekly
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