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Bitcoin Outflows Grow to $15 Million in July

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Mon, 07/19/2021 - 19:47
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Alex Dovbnya
Altcoins saw modest inflows while Bitcoin recorded its second consecutive week of outflows
Bitcoin Outflows Grow to $15 Million in July
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According to data provided CoinShares, Bitcoin funds and products have so far recorded $15 million worth of outflows in July.

Last week alone, the largest cryptocurrency logged $10.4 million of outflows, with institutional investors seemingly remaining bearish due to the dire technical picture.   

Bitcoin recently recorded its lowest close since December 2020 before plunging to $30,400 earlier today.

With such bearish sentiment, it’s not surprising that Bitcoin funds keep bleeding funds.

With that being said, inflows for 2021 still stand at an impressive $4.2 billion because of the massive first quarter.

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Altcoins see more love from investors

Institutions feel more upbeat about altcoins, with the overall cryptocurrency sector recording $2.9 million of net inflows.

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Image by coinshares.com

Ethereum managed to attract $11.7 million worth of capital last week. The largest altcoin has now recorded three consecutive weeks of inflows ahead of its much-anticipated “London” hard fork.

Other altcoins, such as Polkadot, XRP, and Cardano, managed to finish the last week in the green with meager inflows.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.