Institutional Crypto Outflows Reach $6.4 Billion, Bitcoin Takes the Hardest Hit
According to the company’s latest Digital Asset Fund Flows Weekly Report, the crypto sector has seen a fifth consecutive week of outflows, totaling $1.7 billion. Over this extended period, the total outflows have now reached $6.4 billion, making it the longest streak of outflows since CoinShares began tracking the data in 2015.
Despite the ongoing negative sentiment, digital asset investments have still experienced $912 million in inflows year-to-date. However, the combination of market corrections and persistent outflows has led to a $48 billion decline in assets under management (AuM). Geographically, the U.S. was the biggest contributor to the outflows, with $1.2 billion, representing 93% of the total. Meanwhile, Germany saw minimal inflows of $8 million, while Switzerland experienced $528 million in outflows.
Bitcoin was the hardest hit, suffering $978 million in outflows, bringing the total withdrawals over the past five weeks to $5.4 billion. There was also a continued sell-off of short Bitcoin positions, which accounted for $3.6 million in outflows. On a brighter note, altcoins like XRP and Cardano experienced modest inflows, with $1.8 million and $0.4 million respectively. However, Ethereum-based products faced substantial outflows of $176 million.
Editorial Team
Reporter at Coindoo
