The bears were in the driver’s seat last week according to the latest crypto fund report from CoinShares. Institutions notched the highest one-week withdrawals since March, when the U.S. began its regulatory crackdown.

A colossal $168 million was sold in the past seven days, marking a second-straight week of sell-offs by large players in the digital asset space.

James Butterfill, head of research for CoinShares did write, however, that August has showcased a market with “exceptionally low trading volume.” The month notched $1.3 billion in volume, translating to 16% below the yearly average.

He also told Decrypt that the low volume is due to “more than seasonal impacts.”

During summer last year, he said, Bitcoin volumes were averaging $7.5 billion per day, compared to $4 billion in 2023.

“Investors are in a holding pattern,” he explained, as they await the much-anticipated Go to Source to See Full Article
Author: Pedro Solimano

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