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 spot Bitcoin ETF, which is “likely to take longer than many accept. Breaking news today could sway the market, however, as a judge ordered that the SEC’s denial of Grayscale’s spot Bitcoin ETF application be reviewed.
