Institutional investors are increasingly bearish on Bitcoin (BTC) and have withdrawn $141 million from investment products linked to the cryptocurrency — marking the largest single week of outflows on record, according to a CoinShares report.
What Happened: CoinShares pointed out that the BTC outflows represent 8.3% of net inflows seen during the course of this year but remain minimal on relative terms to the outflows registered in early 2018.
See Also: How to Buy Bitcoin (BTC)
“Digital asset investment product trading volumes highlight investors remain cautious in Bitcoin with weekly volumes having fallen 62%,” noted CoinShares.
Overall Digital investment products saw outflows totaling $94 million last week, as per the report dated Monday.
Why It Matters: It is notable that year-to-date inflows in BTC still amount to $4.2 billion. BTC accounts for 65.9% of all capital locked into cryptocurrency investment products.
Even as BTC saw outflows, other major currencies such as Ethereum (ETH) and XRP (XRP) continued to see inflows and so did Cardano (ADA).
Source: CoinShares Digital Asset Fund Flows Weekly Report June 7, 2021.
ETH saw inflows of investment products totaling almost $33 million and was the “altcoin of choice for investors,” as per CoinShares. XRP inflows reached $7 million, which is the largest since April.
BTC traded 9.6% lower at $33,001.69 at press time around Tuesday midnight over a 24-hour period. ETH and ADA traded 9.37% and 10.96% lower at $2,527.40 and $1.54 respectively.
Read Next: Bitcoin, Ethereum Spiral Down As Elon Musk Posts Bitcoin Broken Heart Tweet
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
