Before Huge Rallies, Institutions Leave BTC, ETH, and Crypto Market

According to digital asset manager CoinShares, institutional crypto investments lost the most money in a single week ever last week.

In its most recent Digital Asset Fund Flows Weekly Report, CoinShares says that crypto investment products lost a record-breaking $255 million, which is 1% of the total assets under management.

It was the fifth week in a row that these crypto institutional investment products lost money.

The hardest hit were Bitcoin (BTC) products, which lost a total of $243.5 million. Ethereum (ETH), on the other hand, only lost $11 million.

CoinShares says that the total outflows “wiped out” the net inflows seen so far in 2023. This means that crypto investment products have lost $82 million so far this year.

Not every investment product had a bad week, though. Solana (SOL) products, which compete with ETH, brought in $400,000, and XRP products brought in $300,000. Polygon (MATIC) products brought in a total of $100,000.

The record-setting outflows of digital asset investment products happened right before the crypto market started going up this weekend. This is because the US banking sector is in the middle of a lot of macroeconomic uncertainty.

Bitcoin went from a low of $19,662 on Friday to a high of $25,959 on Tuesday, which is a rise of more than 32%. At the time of writing, the top crypto asset by market cap is worth $24,624.

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