Institutional investors move money out of crypto markets for fourth week in a row: CoinShares
Digital asset manager CoinShares says institutional crypto investment products suffered their fourth consecutive week of outflows last week.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional crypto investment products suffered outflows of nearly $20 million last week, along with smaller inflows into short-term investment products.
“Digital asset investment products saw small outflows totaling $17 million last week, marking the fourth consecutive week of negative sentiment.”
Bitcoin (BTC) products took the brunt of outflows with $20.1 million. Meanwhile, short-Bitcoin products saw smaller inflows of $1.8 million. Short-BTC products have had the second highest supply so far this year, around $50 million to Bitcoin’s $126 million.
Coinshares says it believes regulatory uncertainty may be the reason investors are rushing to short BTC products.
“Despite the recent influx of short bitcoin, total assets under management (AuM) have risen by just 4.2% YTD [year-to-date] compared to long-bitcoin AuM has risen 36%, suggesting that short positions have not delivered the returns some investors expected this year so far. Nonetheless, it likely represents continued investor concern over regulatory uncertainty for the asset class.”
Most altcoin investment products saw less inflow last week. Multi-asset investment vehicles, those that invest in a basket of digital assets, raised $0.8 million in inflows last week. Ethereum (ETH) products took in $0.7 million, while Solana cars (SOL) took in $0.3 million. Binance (BNB) and Cosmos (ATOM) products both saw smaller inflows, $0.4 million and $0.2 million, respectively.
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Featured image: Shutterstock/Aleksandr Kukharskiy
