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Trading volume for crypto investment products hits 2-year low
Outflows from Bitcoin products partly due to Fed's aggressive rhetoric, CoinShares research head says Inflows into Ether offerings cooling as investors may wait for merger before adding to positions Trading volume in crypto investment products last week hit its lowest level since October 2020 as outflows continued in August, according to CoinShares data. These offerings reached $901 million in trading volume last week, well below the year-to-date weekly average of $2.4 billion as of August 8. Digital asset investment products also recorded net outflows of 27 million last week...
Trading volume for crypto investment products hits 2-year low
- Abflüsse aus Bitcoin-Produkten sind teilweise auf die aggressive Rhetorik der Fed zurückzuführen, sagt der Forschungsleiter von CoinShares
- Zuflüsse in Ether-Angebote kühlen ab, da Anleger möglicherweise auf die Fusion warten, bevor sie Positionen aufstocken
Trading volume in crypto investment products hit its lowest level since October 2020 last week as outflows continued in August, according to CoinShares data.
These offerings reached $901 million in trading volume last week, well below the year-to-date weekly average of $2.4 billion as of August 8.
Digital asset investment products also saw net outflows of $27 million last week, slightly higher than the $17 million the previous week, the data shows.
“While history suggests this is partly due to seasonal effects, we believe it also underscores the ongoing apathy following recent price declines,” James Butterfill, head of research at CoinShares, said in the crypto investment firm’s Monday report.
Bitcoin and Ether were trading at about $20,170 and $1,510 as of 11 a.m. ET on Monday - each down about 7% over the past seven days.
Last week's negative net inflows were driven by $29 million in outflows from Bitcoin products. Investment products focused on shorting Bitcoin saw minimal inflows of around $1 million.
“Both imply minimal but ongoing investor caution, which we believe is driven by continued aggressive rhetoric from the Federal Reserve,” Butterfill added.
Fed Chairman Jerome Powell warned during his speech Friday at the Jackson Hole Economic Symposium that sustained price stability is still a long way off. After Powell's comments, some analysts said they were forecasting another 75 basis point rate hike in September.
Last week's outflows marked the third consecutive week of negative inflows for crypto investment products, totaling $46 million during the period. This trend comes after net inflows into crypto investment products totaled $474 million in July - the largest monthly total in 2022.
The inflow of funds into such offerings last month was driven in part by a reversal in Ether products, which saw inflows of $138 million in July, compared to combined negative net inflows of about $450 million in the previous six months.
Ether-focused products saw minor outflows of around $1 million last week. The figure implies that investors prefer to wait for the blockchain to switch from proof-of-work to proof-of-stake before adding to positions, despite improving confidence due to Ethereum's upcoming merger next month, Butterfill said.
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Post trading volume for crypto investment products hit 2-year low and is not financial advice.