Bitcoin, cryptos post 5th straight week of outflows: Data

NEW YORK: Bitcoin investment products and funds registered outflows for a fifth consecutive week, as investor sentiment remained cautious in the midst of increased global regulatory scrutiny, data from digital asset manager CoinShares showed.

Outflows from the world’s most popular cryptocurrency totalled $33 million in the week ended Aug. 6, compared with $19.7 million the previous week. But so far this year, bitcoin inflows remained a robust $4.2 billion.

Total crypto outflows, meanwhile, added up to nearly $26 million, although CoinShares noted that the magnitude of outflows was much less than in May and June.

Sluggishness in the crypto market was due in part to global regulatory crackdown, analysts say.