Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions in capital from crypto products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products saw a surge in outflows to the tune of $147 million last week, likely stemming from stronger-than-forecasted economic data lowering the likelihood of significant rate cuts.
“Digital asset investment products saw minor outflows totaling US$147m last week. Higher than expected economic data last week, reducing the probabilities for significant rate cuts are the likely reason for the weaker sentiment amongst investors. Trading volumes were up marginally by 15% to US$10 for the week in ETP investment products, while we have seen lower volumes in broader crypto markets.”
Regionally, the United States led outflows at $209 million, followed by Germany and Hong Kong losing $8.3 million and $7.3 million respectively. Meanwhile, Canada and Switzerland provided $43 million and $35 million in inflows a piece.
Bitcoin (BTC), per usual, took the brunt of investor focus, suffering outflows of $159 million as short-BTC products enjoyed inflows of $2.8 million.
While Ethereum (ETH) also bore through outflows, one sector of digital asset investment products enjoyed inflows for the sixteenth week in a row.
“Multi-asset investment products (multi-coin) saw inflows of US$29 million, marking their 16th consecutive week of inflows. These weeks have totaled US$431 million, representing 10% of assets under management. Since June, multi-asset products have been a favorite among investors who prefer to invest in a diversified basket of assets rather than individual ones.”
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