Bitcoin Investment Products Report Record Weekly Outflows

Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term, the world’s largest cryptocurrency, has dropped by nearly 20% in the last 7 days. BTC investment products saw record outflows last week as $98 million worth of investment left Bitcoin products.

According to the latest weekly digital asset report published by CoinShares, investment products related to altcoins attracted $48 million last week. Contrasting to Bitcoin, Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term remained the most popular cryptocurrency among institutional investors as ETH investment products saw inflows of approximately $27 million last week.

Cardano (ADA) and Polkadot (DOT) saw a jump in weekly inflows as ADA and DOT attracted $6 million and $3.3 million worth of inflows, respectively. Cardano has increased by more than 30% in the last 7 days while Polkadot has gained nearly 12% within the last week. Bitcoin took a major hit from the recent announcements by Tesla and Elon Musk. The world’s largest digital currency touched $42,000 on Monday, the lowest level since February 2021.

“Outflows were solely from Bitcoin investment products which totaled $98 million or .02% of total assets under management. While small, this marks the largest outflow we have recorded. Ethereum continued to see strong inflows totaling $27 million last week. The month of May marking the first time that there has been more investment product trading volumes in Ethereum relative to Bitcoin,” CoinShares mentioned in the report.

Bitcoin Investment Products

During the first week of May 2021, cryptocurrency investment products attracted $373 million. Bitcoin remained the preferred choice of investors during the first 7 days of this month. The latest outflows came after institutional investors started diversifying their portfolios. Another major reason behind the recent outflows is the performance of altcoins. Ethereum, Cardano, Polkadot and XRP have increased significantly in the last 7 days while Bitcoin is down by nearly 20% for the same period. As of writing, the world’s largest cryptocurrency is trading above $45,000 after posting a small recovery of approximately 4% in the last 24 hours. The total market cap of BTC stands at around $840 billion.