The inflow of crypto products rose to USD 17 million after barely reaching USD 3 million the previous week, indicating lower investor participation. Peter Schiff recently watched a positive discussion about Bitcoin on CNBC and may soon mention an imminent drop in the price.
Digital asset investment products recently suffered outflows of only USD 9 million in their trading volumes. Continuing the trend, they have dropped to the second low this year at just USD 1 billion. According to data from CoinShares, that is about 55% below the yearly average.
The inflow of crypto products rose to USD 17 million, while it barely reached USD 3 million the previous week. The report indicates that investor participation may have decreased while the calm of summer continues.
The outflows amounted to USD 10 million in the United States and USD 2.4 million in Germany. However, inflows reached USD 2.5 million in Brazil and USD 1.9 million in Switzerland.
The mild negative sentiment still affects Bitcoin-based investment products, with USD 15 million outflows. In contrast, Bitcoin shorts saw much smaller inflows of around USD 200,000.
Ethereum-based products saw inflows of USD 3 million over the last week after reaching USD 162 million over the previous nine weeks.
That followed 11 consecutive weeks of outflows, which had risen to USD 459 million from January until mid-June. According to the report, that change in sentiment occurred due to greater clarity about the Ethereum Merge.
Other altcoins have seen insignificant inflows, but Solana (SOL) has had inflows amounting to USD 1.4 million for the second consecutive week. Meanwhile, Cardano (ADA) and Binance Coin (BNB) have reached USD 500,000 each.
Throughout a significant successful streak, multi-asset investment products recorded inflows of USD 2.7 million this year. Since outflows recently totaled USD 1.6 million, blockchain stocks experienced mild negative sentiment.
Meanwhile, Peter Schiff Calls for a Major Bitcoin Dump
After meeting bearish resistance for a week, the market capitalization of the overall crypto has slightly risen by 0.97% over the last 24 hours. That has happened primarily because Bitcoin (BTC), Ether (ETH), XRP, ADA, and other altcoins are in the green.
Bitcoin is trading at around USD 21,382 after having accumulated 0.40% within 24 hours, according to CoinGecko.
Peter Schiff, the founder of SchiffGold, recently watched a positive discussion about the future of Bitcoin on CNBC. Whenever that happens, the executive usually mentions an imminent price drop.
The cryptocurrency critic thinks that those promoting and advocating the industry pay for mentions of Bitcoin on CNBC. Schiff said whales proposed these mentions to encourage viewers to buy crypto and stocks related to the industry.
Schiff Believes the Price of Bitcoin Might Fall
Whenever Peter Schiff mentions an upcoming decrease in the price of Bitcoin and Ether, the predictions come true.
The critic tweeted in June that BTC would test USD 20,000 while ETH would plummet to around USD 1,200. After that, he posted that his predictions came true, as those cryptocurrencies traded around those prices.
Schiff recently reported two bearish Bitcoin charts: a double top and an inverted head-and-shoulders pattern. When both form an inverted shape, it is a rising wedge, which predicts a price drop.
By Alexander Salazar
