CoinShares data brings bad news for Ether and Bitcoin investors

CoinShares data brings bad news for Ether and Bitcoin investors

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There is no good news for the cryptocurrency market, according to data from digital asset manager CoinShares on Monday. Outflows are being seen in other digital coins including Ether. Ether investment products and funds bore the brunt of negative sentiment for the cryptocurrency in the last week of June, according to the latest data.

Institutional investors pulled out $50 million (about Rs 370 crore) from Ether investment products and funds. Data shows that Ether faced an outflow for the fourth week in a row. June 29 till 2 pm ether price in india 1.59 lakh Rs. In the month of June, ether has declined by about 22 per cent against the dollar. However, on Monday, Ether was up 5.4 per cent at $2,091.96 (about Rs 1.55 lakh).

Bitcoin products and funds here faced outflows for the seventh week in a row, with $1.3 million (approximately Rs 9.6 crore) withdrawn. This year the outflow of bitcoin reached around $ 490 million (about Rs 3,640 crore). bitcoin price in india 25.90 lakhs on June 29 at 2 pm (IST). The world’s largest cryptocurrency was down 8.4 per cent against the dollar in June so far. Bitcoin is down nearly 46 per cent since its all-time high of $65,000 (approximately Rs 48.2 lakh) in mid-April.

Pankaj Balani, chief executive officer of crypto derivatives exchange Delta Exchange, said, “We expect the consolidation of bitcoin to continue for the next few weeks unless a decisive step is taken. If so, it is expected that bitcoin may break the crucial level of $30,000 (approximately Rs 22.2 lakh) and challenge the previous cycle high of $20,000 (approximately Rs 14.8 lakh) And above $42,000 (approximately Rs 31 lakh) could set a classic bull trap.”

Overall crypto investment products saw outflows for the fourth consecutive week with $44 million (approximately Rs 325 crore). Spreading negative sentiment, as of mid-May, net weekly outflows have reached $313 million (about Rs 2,320 crore), or 0.8 percent of total assets under management.

The crackdown on the sector by China banning bitcoin mining activities has hurt sentiments on cryptocurrencies. Furthermore, British and Japanese regulators have independently issued warnings against Binance, one of the world’s largest cryptocurrency exchanges. Over the weekend the UK financial regulator said that Binance cannot conduct any regulated activity. The regulator has issued a warning to the consumers regarding this platform.

Japan also issued a similar warning to Binance, saying it is providing crypto exchange services to Japanese customers without registration. The crypto assets under management also fell to around $38 billion (about Rs 2,82,120 crore) in the latest week. The AUM at the end of April was $65 billion (about Rs 4,82,620 crore).

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