A leading digital assets manager says large institutional investors are exiting crypto markets at a historic rate.
In the latest Digital Asset Fund Flows Weekly report, CoinShares finds that digital asset investment products suffered over $420 million in outflows last week, with Bitcoin taking the brunt of the blow.
“Digital asset investment products saw outflows totaling $423 million last week, the largest since records began by a wide margin…
The outflows were solely focused on Bitcoin, which saw net outflows for the week totaling $453 million.”
Bitcoin’s record-setting week of outflows nearly cancels out the digital asset’s year-to-date inflows, reduced from $479 million to $26 million.
After months of primarily heavy outflows, leading smart contract platform Ethereum (ETH) digital asset investment products led altcoin markets with nearly $11 million of inflows. Despite a positive week, ETH products have still suffered nearly $450 million in outflows this year.
Tron (TRX), Polkadot (DOT) and Cardano (ADA) digital asset investment products all saw inflows of less than $1 million a piece on the week.
CoinShares reports most of last week’s massive outflows originated from Canadian exchanges, citing one unnamed exchange specifically.
“Regionally, the outflows were almost solely from Canadian exchanges, and one specific provider. The outflows occurred on 17th June but were reflected in last week’s figures due to trade reporting lags, and likely responsible for Bitcoin’s decline to $17,760…
Stripping out the $493 million outflows reveals that other providers saw aggregate inflows totaling $70 million, highlighting highly polarized sentiment amongst digital asset investors.”
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