Digital assets manager CoinShares says institutional investors continue to be cautious on the market as crypto suffers outflows for the fifth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $32 million in crypto holdings last week for a fifth consecutive week of outflows.
“Digital asset investment products saw outflows totaling US $32 million, representing the 5th consecutive week of outflows totaling US $232 million (0.7% of total assets under management). Volumes totaled US $900 million for the week, 40% below this year’s average. Volumes for the broader market on trusted exchanges hit their lowest level since late-2020 at US $20 billion for the week.”
Bitcoin (BTC), suffered the brunt of the outflows, totaling $33 million, according to CoinShares.
“The outflows in Bitcoin of US $33 million represented most of the negative sentiment, as it has done over the last 5 weeks. Short-Bitcoin also saw minor outflows of US $1.3 million for the week. Combined outflows for these investment products now total US $235 million over the course of the last 5 weeks. It is unclear why there is such coordinated negative sentiment for both long and short investment products.”
While leading smart contract platform Ethereum (ETH) suffered $1 million in outflows, other altcoin products fared much better. Multi-asset investment products, those investing in more than one crypto, took in $1.6 million in inflows. Meanwhile, Avalanche (AVAX), Litecoin (LTC), and XRP products enjoyed inflows of $0.7 million, $0.3 million, and $0.2 million, respectively.
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