CoinShares has reported that within the last one week, many people withdrew their digital assets especially those marked in Bitcoin.
More people now prefer to withdraw any available profit from their digital assets than to hold for a longer period. This was evident last week especially in Bitcoin which tops the list as the most withdrawn digital asset for the past six weeks consecutively.
A total of $79 million was withdrawn in the past 7 days from digital assets. This makes it the third week in a row in which cryptocurrencies have failed to stop falling. The impact this is making now has not been felt since February 2018. In the same vein, investors have withdrawn $89M from their Bitcoin Funds and $1.9M from their Ethereum assets.
Counting from January 1 till today, investors have bought Bitcoin products worth more than $4.1 billion while ETH products invested in is more than $992 million.
Many people have now decided to diversify their investments in different cryptocurrencies instead of choosing just bitcoin or Ethereum. Multi asset investors increased in number last week amid the persistent withdrawals made from the major assets.
Few people have bought crypto products from institutional managers in the past few weeks. Bitcoin, which was celebrated in May for reaching a high figure has already lost 50% or more of that value in less than two months. Other cryptos too were affected thereby reducing the total market value by about 50% too.
Although some models have predicted that Bitcoin will soon be on the rise, there are still sentiments that the bottom is still weeks ahead because of some negative news that have filled the air. One that has caused great concern to buyers is the decision of the Chinese government to declare bitcoin mining in the country illegal.
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