Digital asset management firm CoinShares announced that financial institutions invested $942 million in crypto products last week, a new weekly record.
CoinShares said in its latest Digital Asset Fund Flow Report that the latest outflow breaks a record-setting inflow that had lasted seven weeks.
“Digital asset investment products posted record weekly outflows totaling US$942 million. This is the first outflow following a record seven-week period of inflows totaling US$12.3 billion.”
According to CoinShares, market uncertainty is making investors more hesitant, as evidenced by reduced inflows to exchange-traded funds. Grayscale led the way last week with more than $2 billion in product outflows.
“We believe the recent price correction has led to investor hesitancy and significantly reduced inflows to new U.S. ETF issuers. This partially offset Grayscale's significant outflow of $2 billion last week.”
CoinShares also said that the negative sentiment was shared around the world, with the exception of Brazil and Canada.
“The deterioration in market sentiment was not just concentrated in the US, with Sweden, Switzerland, Hong Kong and Germany outflowing US$37 million, US$25 million, US$35 million and US$4 million, respectively. However, Brazil and Canada respectively There were total inflows of US$9 million and US$8.4 million.”
As usual, Bitcoin (BTC) took the brunt of the outflow, losing $904 million last week.
Ethereum (ETH), Solana (SOL), and Cardano (ADA) products saw outflows of $34 million, $5.6 million, and $3.7 million, respectively.
However, not all altcoins perform so poorly.
Coinshares says,
“The rest of the altcoin space performed well, with net inflows of USD 16 million, with the most notable being Polkadot (USD 5 million), Avalanche (USD 2.9 million), and Litecoin (USD 2 million). .”
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