Our View on: Crypto sees second week of outflows; ether posts record outflows - CoinShares

By: Admin
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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

https://www.reuters.com/article/fintech-crypto-flows/crypto-sees-2nd-week-of-outflows-ether-posts-record-outflows-coinshares-idUSL2N2NW25X

OUR VIEW ON CRYPTO CURRENCY OUTLFLOWS

  1. Low volatility in June has contributed to outflows from crypto assets. Redditt type crypto traders have switched to other meme stocks.
  2. The outflows in crypto currencies is just due to quarter end position squaring and rebuilding and nothing else.
  3. 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.
  4. 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.
  5. 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.
  6. Last no nation will ever ban crypto assets. One should ignore such news. Rather one should use any thirty percent crashes to invest.
  7. Crypto assets should be legalized by next year in my view.

(PREPARED BY CHINTAN KARNANI. VIEWS ARE MY OWN)