In a recent update from CoinShares, institutional investors have sold a total of $414 million in Bitcoin and crypto assets within a week. This marks the first selloff in five weeks, attributed to concerns over the prolonged Iran conflict and higher inflation.
The US led the outflows with $445 million, while Switzerland saw minor outflows of $4 million. On the other hand, Germany and Canada took advantage of the dip, adding inflows of $21.2 million and $15.9 million respectively.
Ethereum experienced the heaviest losses with $222 million outflows, resulting in a net outflow of $273 million year-to-date. Despite $194 million outflows, Bitcoin still maintains year-to-date inflows of $964 million. Additionally, short-Bitcoin products saw $4 million inflows.
Solana recorded $12.3 million outflows, while XRP stood out as one of the few gainers with $15.8 million inflows. The selloff brought total assets under management to $129 billion.
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