Institutional investors just sold $173 million in Bitcoin and crypto investment products in one week, according to a new update from CoinShares.
The digital asset firm says outflows have now totaled a whopping $3.74 billion in the last month, as the price of BTC dropped from around $95,400 to a low of $62,800.
Last week, Bitcoin witnessed $133 million in outflows. Ethereum followed with $85.1 million outflows.
Some altcoins bucked the trend, with XRP attracting $33.4 million inflows, Solana $31 million and Chainlink $1.1 million.
Regionally, the US led with $403 million outflows. That was offset by $230 million inflows elsewhere, including $115 million in Germany, $46.3 million in Canada and $36.8 million in Switzerland.
Trading volumes for exchange-traded products dropped to $27 billion from $63 billion the prior week.
On the bright side for bulls, short-Bitcoin products also experienced $15.4 million in outflows over two weeks, which according to CoinShares is a signal often seen near market bottoms.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any assets including cryptocurrencies, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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