A leading digital asset manager says institutional investors are seeing a week-long trend away from the economy amid economic uncertainty cryptocurrencies continue.
According to the latest CoinShares Digital Asset Fund Flows Weekly Report, crypto investment products have seen a total of $120 million in outflows over the past week.
“Digital asset investment products recorded total outflows of $120 million, bringing total outflows over this 4-week run to $339 million. This does not reflect the same downward movement seen earlier this year, although it is close to the $467 million observed outflows. Regionally, the outflows were fairly evenly distributed between America at 41% and Europe at 59%.”
CoinShares says that Bitcoin (BTC) accounted for a significant portion of the outflows and experienced the largest decline in 11 months.
“Bitcoin posted its most outflows at $133 million in the largest single week of outflows since June 2021. It’s difficult to pinpoint the exact reason for this aside from the Fed’s hawkish rhetoric and recent price drop.”
Despite falling $310.8 million over the past four weeks, BTC has still seen net inflows of $120 million year-to-date.
Second tier crypto asset Ethereum was also down $25 million, and while only five out of 17 weeks signaled net outflows, ETH’s year-to-date outflows total $194 million.
The smart contract platform Solana (SOL) also declined $1.5 million on the week but remains positive with inflows of $2.3 million for the month.
CoinShares notes that a bright spot amidst the Red Sea this week was FTX Token (FTT), a native asset of popular Bahamas-based cryptocurrency exchange FTX.
“FTX Token… bucked the negative trend with inflows totaling $38 million over the past week, the largest of any crypto asset we track.”
Check the price action
Source: Crypto News Deutsch