Institutional investors have shed $ 133 million worth of Bitcoin (BTC) Last week’s investment products were the largest outflow week since June last year.
According to the latest version of CoinShares’ Weekly Digital Asset Fund Flow Report, the total outflow of digital asset funds for the week ending April 29 was $ 120.1 million, with a major outflow of Bitcoin being FTX tokens. A product that was slightly offset by a surprising influx of $ 38 million worth of (FTT).
The $ 132.7 million outflow from the BTC fund last week will bring the outflow to date in April to $ 310.8 million.
BTC Fund last saw this level of outflow in a week as a result of major FUDs in news such as Tesla’s suspension of BTC payments for cars due to environmental issues and China’s deployment of crypto mining. Was a strong bearish trend in June 2021. Ban.
In a report, CoinShares did not seem to have strong indicators of why a similar level of bearish investment sentiment resurfaced last month, but pointed out some potential factors.
“Apart from the hawkish rhetoric from the Federal Reserve Board and the recent price decline, it’s hard to see the exact reason for this.”
Like many other top assets and various stock market indices, BTC prices have fallen sharply over the last 30 days, dropping about 18.2% to $ 37,970 at the time of writing.Many spectators Afraid of this That inflation and future interest rate hikes in the Federal Reserve are BTC tank..
From a broader perspective, the overall monthly (MTD) outflow of all digital asset products tracked by CoinShares totals $ 326.1 million, allowing institutional investors to completely eliminate risk with crypto investments. It suggests that it is.
“This is close to the witnessed US $ 467 million spill, but does not reflect the same bearishness seen earlier this year. Regionally, the spill is 41% with the Americas. It was fairly evenly divided among 59% of Europe, “writes CoinShares.
Ethereum (ETH), the closest competitor to Bitcoin, the top spot for cryptocurrencies, Bearish sentiment More recently, products offering exposure to ETH have suffered $ 25 million worth of spills, with MTD spills at $ 82.3 million.
On the other side of the spectrum, funds associated with crypto exchange and the FTT of the NFT platform FTX saw an inflow worth $ 38 million, but this is one of the longer trends as FTT funds are classified as “other”. It is unknown whether it is a department. In particular, FTT prices have fallen by 24.5% over the last 30 days.
Terra (LUNA) and Fantom (FTM) investment products also saw minor inflows of $ 390,000 and $ 250,000, respectively.