Digital assets manager CoinShares says institutional investors have a negative sentiment about the market as crypto suffers major outflows for the third week in a row.
In its latest Digital Asset Fund Flows Weekly Report, CoinShares finds that institutional investors sold off $54 million in crypto holdings last week, with most of the outflows stemming from outside the US.
“Digital asset investment products saw outflows totaling US $54million last week, representing the 3rd consecutive week of negative sentiment for the asset class…
Regionally, the majority of outflows were from Germany and Canada with US $27million and US $20million respectively.”
King crypto Bitcoin (BTC) took the brunt of the outflows, totaling $32 million, according to CoinShares.
“Bitcoin saw US $32 million of outflows last week. While sentiment in the US turned markedly positive, with inflows of US $ 18 million and the largest weekly outflows from short-Bitcoin on record of US $ 23million.”
Altcoin investment was “unusually low,” according to CoinShares. Leading smart contract platform and altcoin Ethereum (ETH) suffered outflows of $2.3 million, bringing its year-to-date outflows to $26 million. Multi-asset investment products took in $0.1 million of inflows. Solana (SOL) was the only stand-alone altcoin with inflows.
“Solana was the only other altcoin to see any activity with inflows of US$3.4m, the second largest over the last 12 months.”
Coinshares reports that blockchain equities also suffered weak sentiment last week and had outflows of $7.3 million.
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Source: https://dailyhodl.com/2023/05/09/solana-sol-the-only-altcoin-to-see-institutional-investments-last-week-coinshares/