Bitcoin — the world’s biggest cryptocurrency by market value — is in its sixth consecutive week of institutional outflows, with US$89 million exiting the coin, according to a weekly fund flows report by CoinShares, Europe’s largest digital asset investment firm.
Fast facts:
- “Digital asset investment products saw a third consecutive week of outflows totaling US$79 million in what is now the longest bear run in outflows since 2018,” wrote CoinShares Investment Strategist James Butterfill. “During the bearish sentiment of 2018 there were seven consecutive weeks of outflows.” Butterfill added that sentiment was mixed, as some fund managers were seeing inflows as others reported outflows.
- Ethereum saw outflows of US$1.9 million, down from US$12.7 million a week earlier. “Weekly trading volumes in Ethereum investment products have fallen by 80% since the May highs,” Butterfill wrote.
- But multi-asset investment products are holding up, with US$10 million of inflows last week, according to the report. Polkadot, Ripple and Cardano also saw inflows of US$1.2 million, US$0.8 million and US$0.3 million, respectively.
- Digital currency asset manager Grayscale today issued an update saying it currently had US$29.4 billion in assets under management, down from US$40.3 billion as of March 31.