Bitcoin price has fallen quite a bit over the past year, and still commands a relatively small market cap by most other cryptocurrencies. That has led to a number of products in the digital currency space focusing on price prediction, some more successful than others. One such product, called the BKCM Bitcoin Tracker One, was quoted in the past week as saying the price of the popular cryptocurrency could fall as low as $500 by the end of 2017.
The crypto markets have continued to recover over the last few weeks, with bitcoin regaining most of the ground it lost in the past few months. The digital currency jumped to $7,600 on July 16th, before falling back to $6,000 a few days later. On July 21st, prices were trading at $6,000 again. While bitcoin has experienced a bit of a price recovery, the altcoins have not been so lucky.
It’s been a long time since we’ve seen a bitcoin product with outflows, but that’s what we’ve got so far with the bitcoin exchange-traded fund (ETF) products. Though the SEC has yet to approve ETFs for bitcoin, the commission has declined to rule on them. That leaves a wide open field for ETFs that track the price of bitcoin and its alternative cryptocurrencies, while the SEC reviews them. So far, we’ve seen the first bitcoin ETFs have $50 million in redemptions from investors since they launched in 2017.. Read more about bitcoin price predictions 2021 and let us know what you think.
Despite the market’s positive trend, institutional crypto products have experienced withdrawals for the sixth week in a row.
CoinShares, an institutional asset manager, projected that outflows totalled $26 million for the week in its Digital Asset Fund Flows Weekly report on August 9. However, compared to May and June, when withdrawals reached a record $141 million per week, the study indicates that outflows have decreased.
Despite the fact that BTC has gained 17.5 percent in the last week, Bitcoin funds have lost $33 million.
With a $63.3 million outflow during the time, CoinShares’ own BTC product was the greatest loss, while Grayscale, the world’s largest crypto asset management, stayed unchanged. The total value of assets managed by Grayscale funds has risen back over $40 billion for the first time since mid-May, according to Grayscale’s latest report on August 10.
08/09/21 UPDATE: Our Investment Products’ Net Assets Under Management, Holdings per Share, and Market Price per Share have all been updated.
$BTC $BAT $BCH $LINK $MANA $ETH $ETC $FIL $ZEN $LTC $LPT $XLM $ZEC $UNI $AAVE $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA pic.twitter.com/ju95J9n68H $COMP $CRV $MKR $SUSHI $SNX $YFI $UMA $BNT $ADA
August 9, 2021 — Grayscale (@Grayscale)
However, following last week’s successful London upgrades, Ethereum-based financial products received inflows of $2.8 million for the week. Ether-based products currently account for 26% of money invested in institutional crypto assets.
Some altcoin funds had modest inflows, including as XRP, Bitcoin Cash, Cardano, and multi-asset funds, which each saw inflows of between $1.1 million and $800,000.
CoinShares also highlighted that so far in 2021, a total of 37 new crypto funds have been established, surpassing the 30 crypto funds that were launched in 2018:
“We’ve witnessed an increase in the number of funds/investment products listed lately, with a new high of 37 this year, up from the previous high of 30 in 2018.”
The total assets under management (AUM) of all institutional crypto products has exceeded $50 billion, the highest level since mid-May, thanks to current market strength.
Despite the price recovery, institutions continue to liquidate BTC exposure.
CoinShares’ financials for the first half of 2021 have also been released, showing a total revenue of $81.2 million. As a result, CoinShares has made three times than much in the first half of this year as it did in the whole year of 2020.
CoinShares’ total AUM was $3 billion as of June 30, 2021, up 27.6% from the end of December 2020.
The crypto world has seen a remarkable comeback in the past year, as the price of Bitcoin has increased by over 9000%. However, a recent report from the International Monetary Fund (IMF) shows that the majority of crypto hedge funds have failed to keep up with the market, and have continued to suffer outflows. The report, which was compiled by the IMF’s Financial System Analysis and Research Group (FSAR), examined more than 200 crypto hedge funds in the latter half of 2017.. Read more about bitcoin price is dropping and let us know what you think.
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