Institutional investors are pulling out of the crypto market in a big way. According to CoinShares, last week saw a massive $1.7 billion exodus from crypto investment products.
A Bleak Week for Crypto
This marks the fifth straight week of outflows, totaling a staggering $6.4 billion over the period. It’s also the longest losing streak since CoinShares started tracking this data in 2015 – a full 17 days of continuous withdrawals. Despite this downturn, the year is still showing a net positive inflow of $912 million. The overall value of assets under management (AuM) has dropped by a significant $48 billion.
Where the Money Went (and Didn’t Go)
The United States accounted for the lion’s share of the outflows, with a whopping $1.2 billion leaving the market – a full 93% of the total. While Germany saw minor inflows of $8 million, Switzerland experienced outflows of $528 million.
Bitcoin (BTC) took the biggest hit, with $978 million in outflows, bringing the five-week total to a massive $5.4 billion. Even short-Bitcoin positions saw investors selling off, resulting in $3.6 million in outflows.
On the other hand, altcoins XRP and Cardano (ADA) saw some inflows, with $1.8 million and $0.4 million respectively. Ethereum (ETH), however, wasn’t so lucky, experiencing $176 million in outflows.
Disclaimer
This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies. Investing in crypto is risky, and you could lose money.
