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Source: AdobeStock / Yevgen Kotyukh   Bitcoin (BTC) and crypto-backed investment funds saw outflows of USD 423m last week, marking the largest weekly outflows on record “by a wide margin,” data from the digital asset investment firm CoinShares shows. Per the latest update from CoinShares, the large outflows were solely focused on BTC funds, with USD 453m in capital leaving these funds. Funds backed by other digital assets such as ethereum (ETH) and cardano (ADA) saw inflows for the week. The inflows to ETH funds came after relatively large outflows of USD 70m seen the week before. The same week, BTC funds saw inflows of USD 28m. Source: CoinShares The vast majority of the outflows from bitcoin funds in the latest report occurred on June 17, but appeared in the data for last week due to “ reporting lags ,” CoinShares said. Commenting on the notable outflows, the report said that “almost all inflows year-to-date” in bitcoin f...

Source: Adobe/fesenko   Another survey shows a seemingly dominant sentiment that bitcoin (BTC) still has more room to fall and test new lows in the near term before skyrocketing again. In either case, the latest prediction marks the third time this year that a panel of analysts gathered by the comparison website  Finder.com has had to adjust its predictions down. Judging from an average of the responses, bitcoin could fall to USD 13,676 this year, before it ends the year higher at close to USD 25,500 – almost 30% higher than the coin’s current price at the time of writing (08:30 UTC) of USD 19,770. Finder.com’s panel was made up of various crypto industry players, including analysts, founders, CEOs, and academics. “It's reasonable to expect to see more big projects fail in the next couple of months. Retail sentiment is at historic lows due to global economic uncertainty and inflation. Highly leveraged miners, who just had to digest...

Source: AdobeStock / chonlatit Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. __________ Security news Cryptocurrency fraud in the UK increased by 32% to £226 million ($273 million) in one year, according to data from the UK police unit Action Fraud , as reported by the Financial Times. “Whenever times are tough, fraudsters always seek to prey on less experienced investors by promising huge returns," Hinesh Shah, a forensic accountant at Pinsent Masons , was quoted as saying. Exchange news Japanese messaging giant Line will shut down its crypto exchange Bitfront , citing the ongoing bear market and other crypto industry issues, as well as the decision to focus on the Line blockchain ecosystem and Link (LN) token economy. The exchange announced a plan to completely close down by March 2023. Changpeng Zhao, founder and CEO of Binance , claim...

Source: Adobe/asiraj Tesla, the electric car company owned by Elon Musk, did not sell any of the bitcoin (BTC) it holds on its balance sheet during the bear market, a new earnings report from the company reveals. According to Tesla’s earnings report for the 4 th quarter of 2022, the company held $184m worth of “digital assets” as of the end of the year, down from $218m as reported for the third quarter. The earnings report was released by Tesla on Wednesday this week: Tesla holding on to its coins The report showed that Tesla did not sell nor buy any digital assets during the quarter. That makes the 4 th quarter the second quarter in a row where Tesla has held on to its digital assets, after it sold off some $936m worth of BTC during the second quarter of 2022 to raise cash amid Covid lockdowns. The latest report did not directly comment on bitcoin or Tesla’s digital asset strategy going forward. The bitcoin price traded at around $16,500 as...

According to data from crypto analytics firm Glassnode, the 90-Day Bitcoin’s Realized HODL Multiple has risen to its highest level since May 2022, when Bitcoin’s price was around $30,000, as opposed to current levels in the upper $22,000s. The Realize HODL Ratio (RHODL) is a ratio of the number of Bitcoins that moved less than one week ago versus the number of coins that moved one to two years ago. Glassnode says that higher values indicate a dominance in 1-week-old coins while lower values indicate a dominance in 1y-2y old coins. The Realized HODL Multiple is an oscillator that is calculated by dividing the current RHODL by a simple moving average (SMA) of the RHODL over the past 365 days. The crypto analytics firm states that “when the RHODL Multiple transitions into an uptrend over a 90-day window, it indicates that USD-denominated wealth is starting to shift back towards new demand inflows”. It “indicates profits are being taken, the...