Tag: coinshares

Bitcoin, ether scale new peaks as flows pour in to crypto, BFSI News, ET BFSI

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SYDNEY – Bitcoin and ether made record peaks in Asia trade on Tuesday, with enthusiasm for cryptocurrency adoption and worry about inflation driving momentum and flows into the asset class.

Bitcoin rose as high as $68,564 in Asian afternoon trade and ether, the second-biggest cryptocurrency by market value, earlier hit $4,825.

Both have more than doubled since June and added nearly 70% against the dollar since the start of October.

“We’re getting the feeling that the market has shifted,” said Matthew Dibb, chief operating officer at Singapore-based crypto asset manager Stack Funds, pointing to a sharp pick up in demand from large investors and even pension funds.

“People are now figuring out that not having any exposure, even a small amount, is probably not a good thing moving forward, so they’re having to allocate at this price,” he said.

Market momentum has been gathering since last month’s launch of a futures-based bitcoin exchange-traded fund in the United States raised expectations of flow-driven gains.

Inflows into bitcoin products and funds have hit a record $6.4 billion so far this year, data from digital asset manager CoinShares showed, and totaled $95 million last week.

Other pieces of positive news have also helped, including plans by Grayscale, the world’s largest digital currency manager, to convert its flagship bitcoin trust into a spot-bitcoin exchange traded fund. Last week Grayscale also applied to list a “future of finance” fund that would track companies involved in the growing digital economy.

“Crypto is where the fast money is at,” said Chris Weston, head of research at brokerage Pepperstone. “(Ether) is trending like a dream and I’d be long and strong here,” he added.

“Clients are net long, with 79% of open positions held long, and I can sense the $5k party could get going soon.”

Others flagged cause for some near-term caution on bitcoin, however, as the cost of funding long positions has crept higher in recent days, according to trading platform BitMEX – sometimes a precursor to a pullback.

Still, the moves so far have carried the token more than 1680% higher from its March 2020 lows and helped lift the total market capitalisation of cryptocurrencies above $3 trillion, according to crypto price and data aggregator CoinGecko.

CoinMarketCap put it slightly lower at $2.94 trillion. Either way true believers, or “hodlers” in crypto markets terminology, have felt vindicated and remain bullish.

“They threw everything at the beast and still it moves,” said payments strategist and sometimes host of the Around the Coin podcast, Brian Roemmele, on Twitter. “Next stop: #Bitcoin $72000.”

(This story corrects spelling to Roemmele in final paragraph)



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CoinShares data, BFSI News, ET BFSI

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NEW YORK: Bitcoin investment products and funds registered outflows for a fifth consecutive week, as investor sentiment remained cautious in the midst of increased global regulatory scrutiny, data from digital asset manager CoinShares showed on Monday.

Outflows from the world’s most popular cryptocurrency totaled $33 million in the week ended Aug. 6, compared with $19.7 million the previous week. But so far this year, bitcoin inflows remained a robust $4.2 billion.

Total crypto outflows, meanwhile, added up to nearly $26 million, although CoinShares noted that the magnitude of outflows was much less than in May and June.

Sluggishness in the crypto market was due in part to global regulatory crackdown, analysts say.

“There’s all this focus on crypto because with all the new financial products and innovative solutions, governments, which are here to protect investors, are going to wonder whether this is a good idea and so, they’re going to look more into these,” said Matthijs de Vries, chief technology officer at infrastructure provider AllianceBlock.

Bitcoin on Monday hit an 11-week high above $46,000 . Since mid-July, bitcoin has gained 46% against the dollar.

Data also showed that ether, the token used in the Ethereum blockchain, also saw outflows of $2.8 million, from a nearly $9-million outflow the previous week.

Last Thursday, Ethereum, the second-largest blockchain network, went through a major software upgrade, which is expected to stabilize transaction fees and reduce supply of the ether token.

Ether’s supply is being reduced through “burning,” in which tokens are sent to specialized addresses that have unobtainable private keys. Without access to a private key, no one can use the tokens, putting them outside the circulating supply.

About $59.2 million worth of ether tokens have been “burned” since Thursday’s software upgrade, according to ultrasound.money, a website that tracks ether burning and supply.

Investors expect ether to accelerate gains as the Ethereum network burns more of its tokens. Ether was last up 4.9% at $3,161.93.



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CoinShares, BFSI News, ET BFSI

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NEW YORK – Ether investment products and funds posted record outflows in the last week of June, bearing the brunt of negative sentiment on cryptocurrencies, according to data on Monday from digital asset manager CoinShares.

Institutional investors took out $50 million from investment products and funds on ether, the token used for the Ethereum blockchain. Ether suffered outflows for a fourth consecutive week, data showed.

For the month of June, ether has lost roughly 22% of its value against the dollar. On Monday, however, ether was up 5.4% at $2,091.96.

Bitcoin products and funds, meanwhile, suffered a seventh straight week of outflows, totaling $1.3 million. For the year, bitcoin outflows hit about $490 million.

The world’s largest cryptocurrency was down 8.4% against the dollar so far in June. Since an all-time high of just under $65,000 hit in mid-April, bitcoin has plunged nearly 46%.

“We expect bitcoin consolidation to continue for the next few weeks until a decisive move takes place,” said Pankaj Balani, chief executive officer at crypto derivatives exchange Delta Exchange.

“If the global macro environment deteriorates on account of the decreasing pace of global liquidity, it’s expected that bitcoin may break the crucial level of $30,000 and challenge the highs of the previous cycle at $20,00. Until then, bitcoin is likely to be in this range and can set up a classic bull trap above $42,000.”

Overall, crypto investment products saw a fourth consecutive week of outflows, totaling $44 million. Since mid-May, as negative sentiment spread, net weekly outflows have hit $313 million, or 0.8% of total assets under management.

Sentiment on cryptocurrencies has been crushed amid a crackdown on the sector by China, which banned bitcoin mining activities.

In addition, British and Japanese regulators have independently issued warnings against Binance, one of the world’s largest cryptocurrency exchanges. Britain’s financial regulator over the weekend said Binance cannot conduct any regulated activity and issued a warning to consumers about the platform.

Japan also issued a similar warning to Binance stating that it has been providing crypto exchange services to Japanese customers without registration.

Crypto assets under management also declined in the latest week to about $38 billion. At the end of April, that AUM was at $65 billion.



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Cryptos show inflows after record outflows in previous 2 weeks, BFSI News, ET BFSI

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NEW YORK: Cryptocurrencies posted inflows last week after hitting record outflows the previous two, as investors took advantage of price declines in the market, data from digital currency manager CoinShares showed late Tuesday.

Inflows into crypto investment products and funds totaled $74 million last week. That followed record outflows of $151 million the previous two weeks, representing 0.3% of assets under management.

Bitcoin products continued to see outflows last week of about $4 million, CoinShares data showed. This brings the total outflow over the last three weeks to $246 million. For the year, however, bitcoin still showed inflows of $4.4 billion.

The world’s most popular currency rose 3% last week and was last up 3.8% at $38,104.

Ether, the second largest cryptocurrency in terms of market capitalization and the token used for the Ethereum blockchain, showed inflows of $47 million, with total inflows totaling $973 million.

Its price was up 13% last week, but dropped 41% the week before.

Investment product flows also showed that altcoins, or the non-bitcoin, non-ether tokens, remained popular, with inflows into Cardano and Polkadot and Ripple.

Grayscale remains the largest digital currency manager at $33.6 billion, but their assets under management were down from $47.3 billion two weeks ago.

CoinShares, the second-biggest and largest European digital asset manager, oversaw about $3.9 billion in assets as of last week, down from about $6 billion two weeks ago.



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Coinshares data, BFSI News, ET BFSI

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NEW YORK: Inflows into cryptocurrency funds and products hit $4.9 billion as of April 16, with the pace of increase slowing a bit in the first two weeks of the month after hitting record levels in the first quarter, data from digital currency manager Coinshares showed on Tuesday.

Inflows in the first two weeks of April hit about $400 million to $4.9 billion, or about 9% higher than an all-time high of $4.5 billion in the first three months of the year.

The pace of inflows had already moderated in the first quarter, after a 240% surge in the fourth.

That said, inflows in the second week of April totaled $233 million, the largest since early March, Coinshares said.

Bitcoin’s rise also slowed in the first two weeks of the month, growing just 5.7%, although it hit a record just under $65,000 during that period. After touching that all-time peak last week, bitcoin has plunged nearly 18% in six days. Bitcoin last traded up 0.8% at $56,161.

“There were … signs of excessive exuberance in the market, and a correction looked imminent,” said Pankaj Balani, chief executive officer of Delta Exchange, a crypto derivatives trading platform.

Inflows last week were more spread out to include other digital assets outside of bitcoin and ethereum.

Bitcoin still saw the largest inflows of $108 million, with ethereum snagging $65 million. But investors poured money into other digital tokens, including bitcoin cash, Polkadot, Binance, and Tezos, Coinshares data showed.

Crypto assets under management (AUM) have also surged to a peak of $64.2 billion, the data showed. In the first quarter, the sector’s AUM was $59 billion. Last year, assets under management for the sector hit $37.6 billion.

Grayscale is still the largest digital currency manager, with $49.5 billion in assets as of the second week of April, while CoinShares, the second biggest and the largest European digital asset manager, oversees about $5.7 billion in assets.

XRP has been the most popular digital asset in recent weeks with weekly inflows of $33 million, nearly doubling its assets under management to $83 million.



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