Our View on: Crypto sees second week of outflows; ether posts record outflows - CoinShares
Crypto sees second week of outflows; ether posts record outflows – CoinShares
Tuesday, June 15, 2021
From www.reuters.com news
NEW YORK (Reuters) - Cryptocurrency investment products and funds saw outflows for a second straight week, with ether posting record outflows as institutional investors took a step back, data from digital asset manager CoinShares showed on Monday.
Total crypto ouflows hit $21 million for the week ending June 11. Since mid-May, total outflows reached $267 million, representing 0.6% of total assets under management (AUM).
Ether, the token used in the Ethereum blockchain, posted its largest outflow last week of $12.7 million, data showed. The token has been one of the strongest performers this year.
FULL REPORT IN THE LINK BELOW
OUR VIEW ON CRYPTO CURRENCY OUTLFLOWS
- Low volatility in June has contributed to outflows from crypto assets. Redditt type crypto traders have switched to other meme stocks.
- The outflows in crypto currencies is just due to quarter end position squaring and rebuilding and nothing else.
- Summer in Northern hemisphere (mainly USA, UK and Europe) will result in people and traders vacationing after more than a year of caged lockdown. The net result in reduced trading volumes in crypto assets and outflows.
- Bitcoin and Etherum are bullish in the long term as long as they trade over $25,000 and $1400. These are nearly impossible levels to breach.
- Consolidation and a quarter or two quarter of low volatility is needed for continuation of long term bullish trend in crypto currencies and crypto assets.
- Last no nation will ever ban crypto assets. One should ignore such news. Rather one should use any thirty percent crashes to invest.
- Crypto assets should be legalized by next year in my view.
(PREPARED BY CHINTAN KARNANI. VIEWS ARE MY OWN)