Institutional Investors Sell $446,000,000 in Bitcoin and Crypto Assets in One Week: CoinShares
Institutional investors are making moves in the cryptocurrency space as the year draws to a close. CoinShares recently reported that digital asset investment products saw a significant outflow of $446 million last week, bringing the total outflows since the market crash on October 10th to a staggering $3.2 billion.
Bitcoin (BTC) took the lead in last week’s withdrawals, with $443 million flowing out of the market. Ethereum (ETH) also experienced outflows of $59.5 million. On the other hand, XRP saw an influx of $70.2 million, while Solana (SOL) attracted $7.5 million in inflows.
The United States was the main driver behind the selling, with $460 million in outflows. Switzerland also saw some minor withdrawals amounting to $14.2 million, while Germany saw inflows of $35.7 million, bucking the overall trend.
Since the launch of ETFs for XRP and Solana in mid-October, Bitcoin has seen cumulative outflows of $2.8 billion, while Ethereum has experienced outflows of $1.6 billion. In contrast, XRP and Solana funds have seen inflows of $1.07 billion and $1.34 billion, respectively, over the same period.
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Featured Image: Shutterstock/Digital Store/Nikelser Kate
