As per the reports by Reuters, Cryptocurrency investment funds and products recorded outflows for four consecutive weeks despite a significant increase in prices over the last week. A large number of outflows came from Bitcoin products which also recorded outflows for the fourth straight week.
Data from CoinShares revealed outflows were recorded worth $19.5 million till 30th July. Bitcoin recorded an outflow of $19.7 million while cryptocurrencies such as Ripple and Polka Dot showed minor inflows. Reports suggest that Bitcoin outflows occurred due to investors looking to capture profits from the recent price hike.
Currently, Bitcoin outflows amount to $295 million and its inflows remain at $4.1 billion. Recently, Glassnode, a blockchain data provider noted that the supply of Bitcoin at exchanges has fallen and many analysts believe it has happened due to investor HODLing.
Talking about the largest Altcoin, Ethereum saw outflows of $9.5 million for two consecutive weeks, and inflows were recorded worth $957 million.