Digital assets manager CoinShares says institutional investors are likely taking profits on markets as Bitcoin (BTC) and altcoins suffer major outflows for the seventh week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $62 million in crypto holdings last week, proportionally similar to the major sell-offs early in 2022.
“Digital asset investment products saw outflows totaling US $62 million, marking the 7th consecutive week of outflows that now totals US $329 million, representing 1% of total assets under management (AuM).
From a proportional perspective, this now matches the run of outflows seen at the beginning of 2022.”
BTC lost $2.7 million in outflows, the same as Ethereum (ETH), according to CoinShares. However, short Bitcoin products, which aim to profit off of downward moves in BTC, saw even more outflows at $6.3 million.
“While the absolute outflows for short-bitcoin are smaller, the total outflow over the last 6 weeks represent 44% of total AuM, compared to just 0.9% for long-bitcoin. This implies investors have been taking profits and exiting short positions rather than implying a structural downshift in sentiment for the asset.”
One Ethereum rival took the biggest hit of all the digital market space last week though, according to CoinShares. Tron (TRX) suffered $51 million in outflows last week.
“Tron, the smart contracting platform, was the primary focus, seeing outflows totaling US $51 million last week, representing 70% of total AuM. We believe this was a single investment product provider removing seed capital rather than anything more ominous.”
XRP and Polygon (MATIC) products enjoyed inflows of $0.6 and $0.4 million, respectively.
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Сурф Тхе Даили Ходл Мик
Изјава о одрицању одговорности: Мишљења изнета у Даили Ходлу нису савети за улагање. Улагачи би требали обавити своју дужну опрему прије него што уложе у високе ризичне инвестиције у битцоин, крипто валуту или дигиталну имовину. Имајте на уму да су ваши трансфери и трговине на сопствени ризик, а за све губитке који могу настати одговоран сте. Даили Ходл не препоручује куповину или продају било које крипто валуте или дигиталне имовине, нити Даили Даили Ходл није саветник за инвестирање. Имајте на уму да Даили Ходл учествује у аффилиате маркетингу.
Истакнута слика: Схуттерстоцк/Александр Кукхарскии
Source: https://dailyhodl.com/2023/06/05/ethereum-rival-takes-hit-as-institutional-investors-sell-off-crypto-holdings-coinshares/