Digital assets manager CoinShares says institutional investors are likely being scared away by US monetary policy as the crypto markets suffer outflows for the eighth week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $88 million in crypto holdings last week, possibly due to interest rates.
“Digital asset investment products saw outflows totaling $88 million, bringing this 8-week run of outflows to $417 million, closing in on the record 12-week run of outflows seen in April to June last year. We believe, like last year, that this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious.”
CoinShares says that most of the outflows came from North America, suggesting that much of the selling stems from fears on US interest rates.
“87% of the outflows were focused on one provider, accordingly almost all the outflows were North America based. Minor inflows of $9.2 million were seen in Switzerland, while Germany saw outflows of $9.4 million.”
Bitcoin (BTC) suffered the biggest outflows at $52 million, bringing its eight-week outflow total to $254 million.
Altcoins, including Ethereum (ETH), saw mixed results. While ETH, Polygon (MATIC) and multi-asset investment vehicles lost $36 million, $0.4 million and $0.8 million respectively, Litecoin (LTC), Solana (SOL) and XRP correspondingly saw inflows of $0.7 million, $0.3 million and $0.5 million each.
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Source: https://dailyhodl.com/2023/06/12/institutional-investors-let-go-of-417000000-in-crypto-after-eight-consecutive-weeks-of-selling-coinshares/