Digital asset manager CoinShares says institutional investors have negative sentiment about the market as cryptocurrencies suffer large outflows for the third week in a row.
In its latest weekly digital asset fundflow report, CoinShares finds $54 million worth of cryptocurrency was sold by institutional investors last week, with most of the outflow originating outside the US.
“Digital asset investment products posted outflows totaling $54 million last week, marking the third straight week of negative sentiment for the asset class…
Regionally, most of the outflows came from Germany and Canada with US$27 million and US$20 million respectively.
Source: CoinShares
King crypto Bitcoin (BTC) took the brunt of the outflows, totaling $32 million, according to CoinShares.
“Bitcoin saw $32 million outflows last week. While sentiment in the US turned markedly positive, with inflows of $18 million and the largest weekly outflows for Bitcoin shorted at $23 million on record.”
Investment in altcoin was “unusually low,” according to CoinShares. Leading altcoin and smart contract platform Ethereum (ETH) suffered outflows of $2.3 million, bringing its year-to-date outflows to $26 million. Multi-asset investment products received inflows of $0.1 million. Solana (SOL) was the only independent altcoin with entries.
“Solana was the only other altcoin to see any activity with $3.4 million inflows, the second-biggest in the last 12 months.”
Coinshares reports that blockchain stocks also suffered from weak sentiment last week and saw outflows of $7.3 million.
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source: dailyhodl.com