In a significant shift for the cryptocurrency market, CoinShares has reported that institutional investors withdrew a record $2.9 billion from crypto investment products last week. This marks the third consecutive week of such outflows, driven by factors like the recent Bybit hack and a more aggressive stance from the Federal Reserve.
The latest figures from CoinShares’ Digital Asset Fund Flows Weekly Report reveal a three-week total of $3.8 billion in outflows. The downturn follows a preceding 19-week period of inflows amounting to $29 billion. CoinShares attributes this recent trend to a combination of profit-taking and declining market sentiment.
Across regions, the United States led the outflows with $2.87 billion, trailed by Switzerland at $73 million and Canada at $16.9 million. However, Germany diverged by recording $55.3 million in inflows.
Bitcoin (BTC) bore the brunt of this movement, suffering a $2.6 billion outflow. Ethereum (ETH) also faced challenges, with a record $300 million exiting the market. Other cryptocurrencies like Solana (SOL) and Toncoin (TON) saw outflows of $7.4 million and $22.6 million, respectively.
Conversely, some altcoins demonstrated resilience, as Sui (SUI), XRP, and Litecoin (LTC) attracted inflows of $15.5 million, $5 million, and $1 million, respectively.
Disclaimer: The information provided in this article is for educational purposes only and should not be considered financial or legal advice. Always conduct your own research or consult a professional when dealing with cryptocurrency assets.