Crypto asset management giant CoinShares says institutional investors pulled billions of dollars out of crypto last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares says crypto products are enduring their worst run of investor outflows in a decade.
“Digital asset investment products saw a 5th consecutive week of outflows, totaling US$1.7bn, bringing the total outflows over this negative funk to US$6.4bn. This also marks the 17th straight day of outflows, the longest negative streak since our records began in 2015.
Despite prevailing negative sentiment, year-to-date inflows remain positive at US$912m. Following this price correction and sustained outflows, total assets under management (AuM) have declined by US$48bn.”
Regionally, the United States provided $1.2 billion in outflows, 93% of all outflows. While Germany provided minor inflows of $8 million, Switzerland also saw outflows of $528 million.
Per usual, Bitcoin (BTC) bore the brunt of the outflows.
“Bitcoin saw a further US$978m outflows, bringing total outflows over the last 5 weeks to US$5.4bn. Investors continue to sell out of short-bitcoin positions, seeing US$3.6m outflows.”
Altcoins XRP and Cardano (ADA) led the way for inflows at $1.8 million and $0.4 million a piece. Leading smart contract platform Ethereum (ETH) products suffered $176 million in outflows.
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