Institutional investors are offloading Bitcoin and cryptocurrency assets as the year draws to a close.
A recent report from CoinShares reveals that digital asset investment products experienced $446 million in outflows last week.
This brings the total outflows since the market crash on October 10th to $3.2 billion.
Bitcoin (BTC) led the withdrawals last week with $443 million leaving the market, while Ethereum (ETH) saw $59.5 million in outflows.
On the flip side, XRP attracted $70.2 million in inflows, with Solana (SOL) receiving $7.5 million in inflows.
The majority of selling activity came from the United States, with $460 million in outflows. Switzerland saw minor withdrawals of $14.2 million, while Germany saw inflows of $35.7 million.
Since the launch of XRP and Solana ETFs in mid-October, Bitcoin has seen cumulative outflows of $2.8 billion, and Ethereum $1.6 billion.
XRP and Solana funds have attracted $1.07 billion and $1.34 billion, respectively, over the same period.
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Featured Image: Shutterstock/Digital Store/Nikelser Kate