According to CoinShares, institutional investors withdrew billions of dollars from the crypto market last week.
The latest Digital Asset Fund Flows Weekly Report from CoinShares reveals that crypto products are experiencing their most significant period of investor outflows in the past decade.
“Digital asset investment products have witnessed a fifth consecutive week of outflows, amounting to US$1.7bn, bringing the total outflows during this period to US$6.4bn. This marks the 17th consecutive day of outflows, the longest negative streak since records began in 2015.
Despite the prevailing negative sentiment, year-to-date inflows remain positive at US$912m. Following this price correction and sustained outflows, total assets under management (AuM) have decreased by US$48bn.”
In terms of regional trends, the United States led with $1.2 billion in outflows, accounting for 93% of total outflows. Germany saw minor inflows of $8 million, while Switzerland experienced outflows of $528 million.
Unsurprisingly, Bitcoin (BTC) faced the most significant outflows.
“Bitcoin witnessed additional outflows of US$978m, bringing the total outflows in the last 5 weeks to US$5.4bn. Investors are continuing to divest from short Bitcoin positions, resulting in $3.6m outflows.”
Altcoins XRP and Cardano (ADA) attracted inflows of $1.8 million and $0.4 million, respectively. However, the leading smart contract platform Ethereum (ETH) products experienced outflows of $176 million.
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