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Major institutional investors have withdrawn a staggering $88 million from cryptocurrency assets just last week, marking the eighth consecutive week of bearish sentiment. The series of pullouts has now amounted to an enormous $417 million in just two months, according to a recent publication from CoinShares, a firm specializing in digital asset investments.
Tracking the behavior of significant exchange-traded products, mutual funds, and over-the-counter trusts linked with Bitcoin, Ethereum, and other crypto tokens, CoinShares releases a detailed weekly report that examines the landscape of this sector.
According to James Butterfill, the research chief at CoinShares, the relentless selling trend appears to be driven by concerns over monetary policy. On Tuesday, Butterfill shared his outlook, stating that there doesn't seem to be any halt to the impending rise in interest rates.
Outflows this week were dominated by North American investors, accounting for almost 88% of total withdrawals. 3iQ, a Canada-based fund, spearheaded the retreat with a staggering $77 million in selling, accumulating a yearly total of $286 million. On the European front, while Swiss funds enjoyed inflows amounting to $9.2 million, Germany experienced a withdrawal of $9.4 million.
Bitcoin, the pioneering digital currency, led the exodus this week, with $52 million departing its coffers. This contributes to the year's total of a massive $172 million siphoned off by institutional investors. However, short interest for Bitcoin remained low, with only $1.1 million exiting in the past week.
Ethereum, another key player, witnessed its largest single-week withdrawal since September's Merge, amounting to $36 million, bringing its total outflows for the year to $72 million.
Altcoin-focused funds experienced varied responses. Chainlink, Litecoin, Cardano, and Ripple recorded inflows. Despite this financial reshuffling, the leading cryptocurrencies have posted weekly losses, with Bitcoin losing 3.6% and Ethereum experiencing an even more substantial 7.5% fall, according to CoinMarketCap.
