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Following a deep correction, Bitcoin (BTC) is recovering, but last week saw a $942 million outflow from institutional cryptocurrency funds.

According to data shared on the Coinshares official blog, two weeks ago there was a record inflow of $2.9 billion to institutional cryptocurrency funds, after which there was a $942 million outflow this week.

This outflow came after a total inflow of $12.3 billion over 7 weeks. Grayscale funds saw a total outflow of $2 billion, while ETF issuers collected $1.1 billion in investments.

Once again, Bitcoin (BTC) led institutional crypto funds with $904 million in outflows.

Additionally, there was $34.2 million outflow from Ethereum (ETH) funds, and a $3.2 million outflow from the short Bitcoin fund.

Interest in Altcoins

As institutional investors exited Bitcoin and Ethereum, they turned to Polkadot (DOT), Litecoin (LTC) and Avalanche (AVAX).

There was a $5.6 million outflow from Solana last week, $3.7 million from Cardano (ADA), and inflows of $5 million to Polkadot, $2 million to Litecoin, and $2.9 million to Avalanche.

According to the Coinshares report, the largest outflows came from U.S. investors, largely from spot Bitcoin ETF issuers.

Additionally, there was an outflow of $37 million from Sweden and $25 million from Switzerland.

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