Digital assets manager CoinShares says large institutional investment digital asset products saw the biggest outflows of the year last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional digital asset investment products suffered huge outflows in the middle of last week but that the mood had improved by the end of the period.
“Digital asset investment products saw outflows totaling US$32m last week, the largest since late December 2022. Mid-way through last week the outflows were much higher at US$62m, but sentiment improved by Friday with inflows of US$30m.”
Per usual, Bitcoin (BTC) products took the heaviest hit of outflows. Meanwhile, short-Bitcoin products enjoyed inflows. Short-BTC products have enjoyed the second-most year-to-date inflows, only behind long-BTC products.
“Bitcoin bore the brunt of the negative sentiment, seeing nearly US$25m of outflows, while short-bitcoin investment products saw inflows of US$3.7m and has seen some of the largest inflows YTD of US$38m, second only to Bitcoin with US$158m.”
Altcoins were a mixed bag of inflows and outflows. While XRP, BNB, Fantom (FTM), Aave (AAVE), and Decentraland (MANA) institutional investment products all saw minor inflows of less than $0.36 million, Ethereum (ETH), Polygon (MATIC), Cosmos (ATOM) and Avalanche (AVAX) investment vehicles all suffered outflows.
“The negative sentiment was very mixed, with Ethereum, Cosmos, Polygon and Avalanche seeing outflows of US$7.2m, US$1.6m, US$0.8m and US$0.5m respectively. While Aave, Fantom, XRP, Binance and Decentraland all saw inflows between US$0.36m — US$0.26m.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxCheck Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/petrov-k
