Key Notes
- The total outflows from digital asset investment came in at $2 billion, per CoinShares data.
- Monetary policy uncertainty and crypto-native whale selling were highlighted as the triggers for the losses.
- Bitcoin and Ethereum recorded outflows of $1.38 billion and $689 million, respectively.
Digital asset investment products recorded up to $2 billion in outflows last week. According to CoinShares, this massive outflow was triggered by monetary policy uncertainty and crypto-native whale selling.
Bitcoin BTC $93 992 24h volatility: 1.5% Market cap: $1.87 T Vol. 24h: $80.91 B and Ethereum [NC] recorded a significant percentage of these outflows.
Bitcoin and Ethereum Lose Big in Outflows
CoinShares has published its weekly report showing the performance of digital asset products from Nov. 10 through Nov. 16. These digital asset investment products saw up to $2 billion in outflows last week.
This marks the largest that the market has seen since February. At the same time, it marks the third week of consecutive outflows, now totaling $3.2 billion.
Speaking about the possible triggers for these outflows, CoinShares suggested that it may be a function of the combination of monetary policy uncertainty and crypto-native whale sellers. Several digital assets have seen their prices drop significantly, and as a result, the total Assets Under Management (AuM) in digital asset ETPs has fallen.
It went from an early October peak of $264 billion to $191 billion, marking a 27% decline. Flagship cryptocurrency Bitcoin bore the major brunt of the negative sentiment.
Precisely, its outflows totalled $1.38 billion last week, and this 3-week run of outflows now represents 2% of total AuM. The second-largest crypto by market cap, Ethereum, did not perform any better.
In its case, the outflow summed up to $689 million, representing 4% of AuM. Minor outflows were seen, with Solana SOL $137.2 24h volatility: 1.7% Market cap: $76.20 B Vol. 24h: $5.86 B and XRP [NC] at $8.3 million and $15.5 million, respectively.
Peter Schiff Compares Bitcoin to Gold
Bitcoin price has declined significantly from its all-time high (ATH) around $126,000 to now trading at roughly $95,000.
Amid the struggle to regain its former high price level, the Bitcoin is facing backlash from Peter Schiff, the popular gold advocate.
With the coin’s recent dip, Schiff has urged investors to “sell Bitcoin and buy gold.” He mentioned that Bitcoin is now down 26% from its recent peak.
The anti-Bitcoin businessman seized the opportunity to highlight gold’s outperformance as the yellow metal regained $4,100 levels.
On the other hand, Robert Kiyosaki continues to encourage investors to include Bitcoin in their portfolios.
