CoinShares, a digital assets manager, says that institutions have dumped crypto products worth $942,000,000 in a record-breaking weekly amount last week.
Digital Asset Funds Flows: The Latest Report reportCoinShares claims that this new outflow record breaks seven consecutive weeks of inflows records.
“Digital asset investment products saw record weekly outflows totaling US $942 million, the first outflow following a record 7-week run of inflows totaling US $12.3 billion.”
CoinShares says that investors are more cautious due to market uncertainties, which is illustrated by the decrease in exchange-traded fund flows. Grayscale saw the largest outflows, as over $2 billion left its products during the last week.
“We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US $1.1 billion inflows, partially offsetting incumbent Grayscale’s significant US $2 billion outflows last week.”
CoinShares says the same thing, excepting Brazil and Canada.
“Poor sentiment was not just focussed on the US, with Sweden, Switzerland, Hong Kong and Germany seeing outflows of US $37 million, US $25 million, US $35 million and US $4 million respectively. However, Brazil and Canada both saw inflows totaling US $9 million and US $8.4 million respectively.”
BitcoinBTCAs per usual, the biggest losers were the banks, who lost $904,000,000 last week.
EthereumETH), Solana (SOLCardanoADAThe outflows for ) were $34 millions, $5,6 million and $3.7million respectively.
Not all altcoins perform as poorly.
CoinShares is a popular cryptocurrency.
“The rest of the altcoin space fared well, seeing a net inflow of US $16 million, most notable were Polkadot (US $5 million), Avalanche (US $2.9 million) and Litecoin (US $2 million).”
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