Record $3,800,000,000 Flows out of Institutional Crypto Products in One Week: CoinShares
Crypto asset management giant CoinShares says institutional whales pulled billions of dollars out of crypto investment vehicles last week. According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, institutional crypto investment products suffered $2.9 billion in outflows last week. “Digital asset investment products saw a 3rd consecutive week of outflows, marking the largest weekly outflows on record at a total of US$2.9bn, bringing the three-week total to US$3.8bn. We believe several factors contributed to this trend, including the recent Bybit hack, a more hawkish Federal Reserve, and the preceding 19-week inflow streak totaling US$29bn. These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class.” Source: CoinShares Regionally, the US led in outflows to the tune of $2.87 billion. Switzerland and Canada followed at $73 million and $16.9 million in outflows, respectively, while Germany bucked the t...