Digital asset manager CoinShares reports that institutions sold off a record $942 million worth of crypto products last week, reversing a seven-week trend of inflows.
Grayscale Leads the Exodus
Grayscale, the largest crypto asset manager, accounted for over $2 billion of the outflows, indicating investor hesitation due to market uncertainty.
Bitcoin Bears the Brunt
Bitcoin (BTC) products lost $904 million, the most of any asset class. Ethereum (ETH), Solana (SOL), and Cardano (ADA) also saw outflows.
Altcoins Show Mixed Performance
While Bitcoin and other major cryptocurrencies suffered, some altcoins performed better. Polkadot, Avalanche, and Litecoin saw inflows totaling $16 million.
Global Sentiment
Negative sentiment was widespread globally, with outflows in Sweden, Switzerland, Hong Kong, and Germany. However, Brazil and Canada saw inflows.
Investor Caution
CoinShares attributed the outflows to lower inflows into exchange-traded funds, suggesting that investors are becoming more cautious in the face of market volatility.
