Digital assets manager CoinShares says institutional investors continue to have a bearish sentiment about the market as crypto suffers major outflows for the fourth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $54 million in crypto holdings last week for a fourth consecutive week of outflows.
“Digital asset investment products saw a 4th consecutive week of outflows totaling US $54 million, bringing the total outflow to US $200 million, representing 0.6% of total assets under management (AuM). The recent price declines have seen total AuM fall by 13% since their mid-April peak.”
King crypto Bitcoin (BTC) suffered the brunt of the outflows, totaling $38 million, according to CoinShares.
“Bitcoin saw outflows totaling US$38 million, with the last four weeks of outflows now totaling US $160 million. This represents 80% of all outflows over the period, when combined with short-bitcoin outflows they represent US $201 million highlighting that the recent investor activity has almost solely been focussed on the asset.”
While multi-asset investment products, those investing in more than one digital asset, suffered outflows of $7 million last week, Cardano (ADA), Tron (TRX) and The Sandbox (SAND) products raked in inflows of $0.5 million, $0.23 million and $0.2 million respectively.
“Unusually, inflows were seen across 8 different altcoin assets, suggesting investors are becoming more adventurous, and selective.”
Ethereum (ETH) products also took in $0.1 million in inflows.
Featured Image: Shutterstock/Marciano Graphic/Fotomay
Disclaimer: CryptoNewsBook is an online aggregator that fetches latest crypto news from different sources. This article is provided for general information purposes ONLY and contains data fetched from third party sources; hence, we do not endorse its accuracy. For more details, kindly visit The Source. Please report any fake news or false statement to Our Support Team. If you are the original owner of this content and wish it to be removed on this platform, kindly forward your request to Our Support Team.
Also Note: Cryptocurrencies are unregulated, and no part of this article should be understood nor interpreted as a recommendation/advice. #s8