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Bitcoin Outflows Nearing Half a Billion Dollars in 2021

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Tue, 06/22/2021 - 06:05
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Alex Dovbnya
Intuitional investors continue to trim their Bitcoin holdings
Bitcoin Outflows Nearing Half a Billion Dollars in 2021
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According to data provided by CoinShares, Bitcoin outflows from numerous investment products have reached $487 million in 2021.

Over the past week, intuitional investors trimmed their exposure by yet another $89 million. Bitcoin has now recorded six weeks of outflows in a row.

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Institutions are growing increasingly disinterested in the largest cryptocurrency after it was dropped by Tesla due to environmental concerns.

China is adding more fuel to the fire by banishing Bitcoin miners and stepping up its ban on crypto trading.

Bitcoin is changing hands at $32,637 at the time of writing on the Bitstamp exchange after plunging to $31,163.

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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.