Cryptocurrencies show net inflows last week despite price declines
Reuters
Published Dec 13, 2021 12:41
Updated Dec 13, 2021 12:53
By Gertrude Chavez-Dreyfuss
NEW YORK (Reuters) - Cryptocurrency products and funds posted net inflows of $88 million last week, data from digital asset manager CoinShares showed on Monday, amid a mixed investment flows picture in a week that saw a drop in prices.
Inflows so far this year added up to a still robust $9.5 billion with two more weeks to go for 2021. In 2020, total crypto inflows were $6.7 billion.
Bitcoin recovered a bit last week, posting a slim 1.3% gain for the period after a steep 14% selloff the previous week.
CoinShares data showed that bitcoin managed to show inflows of $51 million, its 13th straight week of inflows that puts its year-to-date net total to $6.5 billion.
Bitcoin was last down 6.1% at $47,043. Since hitting an all-time high of $69,000 on Nov. 10, the world's largest cryptocurrency has fallen 32%.
"Trends remain bearish near-term and momentum has not showed proper evidence of stabilizing in a way that should allow a bounce to unfold just yet," said Fundstrat in a research note.
"Most of the trend exhaustion techniques still suggest another 4-6 days lower is likely before any trading low can occur," it added.
Ethereum saw minor outflows totalling $17 million last week, the first time following six weeks of inflows, although it reflects only 0.09% of assets under management. CoinShares believes this is likely not meaningful.
Other digital assets such as Solana and Tron, meanwhile, showed inflows of $19 million and $17 million, respectively.
CoinShares noted that the recent price appreciation of Tron, a decentralized, open-source blockchain-based operating system, and dubbed the "world computer" coin, has pushed its total AUM of products and funds linked to the token to $92 million, higher than that of Cardano, a public blockchain.
Data also showed that trading volumes across investment products fell 13% to $3 billion for the week.
Get The App
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.