Bitcoin Weekly Outflows Hit Record High CoinShares Data

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NEW YORK, June 7 Reuters Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the worlds largest cryptocurrency, which has seen its upward momentum stall in the last few months, according to digital currency manager CoinShares data released on Monday.

Bitcoin outflows hit 141 million in the week ending June 4, representing 8.3 of the net inflows seen this year. For the year so far, bitcoin still showed net inflows of 4.2 billion.

The cryptocurrency sector overall suffered outflows of 94.2 million last week, the data showed.

James Butterfill, investment strategist at CoinShares, believes that despite the outflows last week, there seems to be an early turn in sentiment since May, where most product providers were seeing net outflows and sentiment was broadly negative.

Bitcoin was last down 0.6 at 35,591. For the month of May, bitcoin dropped 35.4. So far in June, bitcoin was down a modest 4.8.

That said, ether, the token used for the Ethereum blockchain, continued to see inflows, with 33 million this week. So far this year, inflows into ether products and funds totaled 1 billion.

XRP saw total inflows of 7 million, the largest since April, while both Cardano and multiasset products posted inflows of 4.5 million and 2.7 million respectively.

Digital asset product weekly trading volume on bitcoin has fallen 62 compared with last month, CoinShares data showed.

Blockchain data provider Glassnode also affirmed…

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