Bitcoin weekly outflows reach $141 mn; hit record high: CoinShares data

NEW YORK (Reuters) – Bitcoin funds and products posted record outflows last week as investors continued to cast a cautious eye on the world’s 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.”