Crypto Market Sees Billions in Institutional Outflows
According to CoinShares, a leading crypto asset management firm, institutional investors have withdrawn billions of dollars from the crypto market in recent weeks.
Record Outflows Hit Crypto Products
In its latest report on Digital Asset Fund Flows, CoinShares highlighted that crypto products are experiencing their worst run of investor outflows in a decade. The report stated, “Digital asset investment products saw a 5th consecutive week of outflows, totaling US$1.7bn, bringing the total outflows over this negative funk to US$6.4bn.”
Despite the ongoing outflows, year-to-date inflows remain positive at US$912m. However, the total assets under management (AuM) have declined by US$48bn due to the sustained outflows.
Regional Trends in Fund Flows
The United States accounted for $1.2 billion in outflows, representing 93% of all outflows. Germany saw minor inflows of $8 million, while Switzerland experienced outflows of $528 million.
Bitcoin Dominates Outflows
Bitcoin (BTC) has been particularly affected by the outflows, with $978 million withdrawn in the last week alone. This brings the total outflows for Bitcoin to $5.4 billion over the past five weeks.
Altcoins like XRP and Cardano (ADA) saw inflows of $1.8 million and $0.4 million respectively. However, Ethereum (ETH) products suffered outflows of $176 million.
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Image credit: Midjourney