Institutions Ditched Bitcoin, Ethereum and Crypto Market at Record Pace Right Before Massive Rallies: CoinShares
Institutional crypto investment products suffered their largest weekly total of outflows ever last week, according to digital asset manager CoinShares.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares notes that crypto investment products saw a record-setting $255 million in net outflows, representing 1% of the total assets under management.
It was the fifth consecutive week of outflows for such crypto institutional investment products.
Bitcoin (BTC) products took the heaviest hit, with outflows totaling a whopping $243.5 million. Ethereum (ETH), by contrast, only saw $11 million in outflows.
The overall outflows “wiped out” the cumulative net inflows seen in 2023 thus far, taking crypto investment products to $82 million in net outflows year-to-date, according to CoinShares.
Not all the investment products had negative weeks, however, with ETH competitor Solana (SOL) products registering $400,000 in inflows, and XRP products logging $300,000. Polygon (MATIC) products registered $100,000 in inflows.
The record-setting digital asset investment product outflows happened right before the crypto market started rallying this weekend amid the macroeconomic uncertainty swirling around the US banking sector.
Bitcoin surged from a recent low of $19,662 on Friday all the way to a high of $25,959 on Tuesday, a more than 32% increase. The top-ranked crypto asset by market cap is trading at $24,624 at time of writing.
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