Digital asset manager CoinShares says institutional investors continue to have bearish sentiment about the market as crypto experiences major outflows for the fourth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold $54 million in crypto holdings last week for the fourth consecutive week of outflows.
“Digital asset investment products saw outflows totaling US$54 million for the fourth consecutive week, bringing total outflows to US$200 million, representing 0.6% of total assets under management (AuM). Due to the recent price drops, total assets under management have fallen by 13% since the peak in mid-April.”
King crypto Bitcoin (BTC) suffered the brunt of the outflow, totaling $38 million, according to CoinShares.
“Bitcoin saw outflows totaling US$38 million, with the last four weeks of outflows now totaling US$160 million. This represents 80% of all outflows over the period, when combined with short bitcoin outflows they represent US$201 million, highlighting that recent investor activity has focused almost exclusively on the asset.
While multi-asset investment products, those investing in more than one digital asset, experienced $7 million outflows last week, Cardano (ADA), Tron (TRX), and The Sandbox (SAND) products made inflows of $0. 5 million, $0.23 million and $0.2 million respectively.
“Unusually, there were inflows into 8 different altcoin assets, suggesting that investors are becoming more adventurous and selective.”
Ethereum (ETH) products also received $0.1 million in inflows.
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