Weekly Institutional BTC Outflows Hit $154 Million Last Week

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BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse of panic. According to a weekly digital asset fund flows report published by CoinShares, almost $154 million worth of investment left Bitcoin products last week.

With that, the overall value of global BTC assets under management now stands at around $25 billion, compared to an all-time high of almost $50 billion in November 2021. By the end of the last week, the total value of crypto assets under management reached $38 billion, which is the lowest level since July 2021.

“Bitcoin (BTC) was again the primary focus with a swing from inflows the prior week to outflows totaling US$154m last week. Year-to-date and month-to-date flows remain net positive at US$307m and US$187m, respectively. Short bitcoin saw outflows totaling US$1.1m last week,” the report highlighted.

Last week, North America and the European region presented a contrasting picture. The US and Canada-based digital asset management firms saw outflows worth $154 million while inflows of $12.4 million were observed across the European digital asset management companies.

Altcoins

Both Cardano (ADA) and Polkadot (DOT) attracted inflows worth $1 million each last week. Amid market correction, investors have diversified their portfolios in the last week to minimize risks.

“Multi-asset (multi-crypto) investment products remain the stalwart with inflows totaling US$9.7m last week. Inflows year-to-date represent 5.3% (US$185m) of AuM. The investment products have seen only two weeks of outflows this year, much lower relative to its peers. We believe investors see multi-asset investment products as safer relative to single-line investment products during volatile periods. Minor inflows were seen across a broad selection of altcoins,” CoinShares noted in its weekly report.

The crypto market cap remained unchanged during the past 24 hours. BTC, ETH and Binance Coin (BNB) witnessed marginal gains.

Source: https://www.financemagnates.com

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