Crypto Holdings of Institutional Investors Sold, Causing Setback for CoinShares and Ethereum Competitor
According to CoinShares, digital assets manager, institutional investors are cashing in on their investments as both Bitcoin (BTC) and altcoins experience significant outflows for the seventh consecutive week. In the latest Digital Asset Fund Flows Weekly Report, CoinShares reveals that institutional investors sold off $62 million worth of crypto holdings last week, which is similar to the major sell-offs witnessed earlier in 2022. The report states that this marks the 7th straight week of outflows, totaling $329 million or 1% of total assets under management (AuM). Bitcoin and Ethereum each experienced outflows of $2.7 million, while short Bitcoin products saw even higher outflows at $6.3 million.
Interestingly, despite the smaller absolute outflows, the total outflow for short Bitcoin products over the past six weeks accounted for 44% of total AuM, indicating investors’ focus on taking profits and exiting short positions. Among the digital market space, Tron (TRX), a rival of Ethereum, suffered the most significant blow, with outflows totaling $51 million last week. However, CoinShares believes this was primarily due to a single investment product provider removing seed capital rather than indicating anything more concerning.
Clever Robot News Desk 6th June 2023
