According to CoinShares analysts, the turnover of crypto-based investment products has fallen $901 million between August 20 and August 26, its lowest level since October 2020.
In addition, outflows have remained flat for the third week in a row reaching $27 million.
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According to them:
“While history indicates this is in part due to seasonal effects, we believe it also highlights continued apathy following recent price declines. We believe this is due to the ongoing hawkish rhetoric from the US Federal Reserve.”
Aditional Bitcoin funds have seen outflows of $29 million, while structures that allow short positions in Bitcoin have seen inflows of $1 million.
For the first time in the last ten weeks, an outflow from Ethereum-based products of $0.9 million has been recorded, whereas funds based on other altcoins have not undergone significant changes.