During the past week, institutional investors have divested $173 million in Bitcoin and cryptocurrency investment products, as reported by CoinShares.
CoinShares notes that total outflows have reached $3.74 billion in the last month, coinciding with Bitcoin’s price drop from approximately $95,400 to a low of $62,800.
Bitcoin saw outflows of $133 million last week, while Ethereum experienced outflows of $85.1 million.
Interestingly, some altcoins saw inflows despite the overall trend, with XRP attracting $33.4 million, Solana $31 million, and Chainlink $1.1 million.
Geographically, the US led with $403 million in outflows, which were partially offset by $230 million in inflows from other regions, including $115 million from Germany, $46.3 million from Canada, and $36.8 million from Switzerland.
Trading volumes for exchange-traded products decreased to $27 billion, down from $63 billion the previous week.
On a positive note for bullish investors, short-Bitcoin products also saw $15.4 million in outflows over two weeks, a sign that CoinShares suggests could indicate a market bottom.
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