Bitcoin funds' outflows swell modestly as investors book profit - report

Funds tracking bitcoin ( BTC-USD ) posted another week of minor outflows, CoinShares said in a Monday report, as investors continued to take profit and attention turned to altcoins. Overall, digital asset investment products saw outflows totaling $21M for the week ended July 28, swelling from the $6.5M of outflows in the prior week. Some 93% of the outflows were from long-bitcoin ( BTC-USD ) products, the report noted, while short-bitcoin experienced its 14th straight week of outflows totaling $3.1M. For the week, which saw the Federal Reserve resume its interest-rate hikes, bitcoin ( BTC-USD ) rose only 0.5% and ethereum ( ETH-USD ) advanced 1.3% , as seen in this chart . While the tokens ended the week higher, the gains were modest considering their historical price volatility. BTC and ETH continued to trade in a narrow range in Monday early afternoon trading, slipping 0.5% to $29.2K and 1.1% to $1.85K, respectively. Outflows from BTC funds took hold as market participants "have been taking profits in recent weeks, with the sentiment for the asset overall remaining supportive," CoinShares contended. Investors, meantime, took favor of altcoins with the exception of ether ( ETH-USD ). Inflows into funds tracking such tokens, chiefly cardano ( ADA-USD ), solana ( SOL-USD ) and XRP ( XRP-USD ), last week totaled $3M. ETH suffered minor outflows of $1.9M. More on the crypto market: SEC asked Coinbase to delist all cryptos except bitcoin before lawsuit - report Canada proposes new capital rules for banks who holding crypto Hivemapper: Why We're Bullish Galaxy Digital: Bullish As It Consolidates Crypto Leadership