Crypto asset management leader CoinShares has reported that institutional investors withdrew billions of dollars from crypto investment vehicles last week. According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, institutional crypto investment products experienced a significant $2.9 billion in outflows.
The report highlighted that this marked the third consecutive week of outflows, with the total amount reaching a staggering $3.8 billion over the past three weeks. Several factors were cited as contributing to this trend, including the recent Bybit hack, a more hawkish Federal Reserve stance, and the end of a 19-week streak of inflows totaling $29 billion. These elements likely prompted a combination of profit-taking and weakened sentiment towards the asset class.
Regionally, the United States led in outflows with $2.87 billion, followed by Switzerland and Canada with $73 million and $16.9 million in outflows, respectively. However, Germany stood out by adding $55.3 million in inflows during this period.
Bitcoin (BTC) bore the brunt of the negative sentiment, witnessing $2.6 billion in outflows. Ethereum also faced a record weekly outflow of $300 million, while Solana and Ton saw outflows of $7.4 million and $22.6 million, respectively. On the other hand, altcoins like Sui (SUI), XRP, and Litecoin (LTC) experienced inflows of $15.5 million, $5 million, and $1 million, respectively.
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The insights and data provided in the report shed light on the shifting sentiments and behaviors of institutional investors in the crypto space. As the market continues to evolve and adapt to various factors, it’s crucial to stay informed and make informed decisions based on the latest developments.