Crypto Asset Funds Record First Week Of Outflow, Institutions Selling Bitcoin?

Crypto Funds Record Outflows Amid Profit Booking in Bitcoin

Crypto asset funds saw a total of $742 million of inflow in the last four weeks. The inflows brought year-to-date flows to a net positive despite nine weeks of outflows. Bitcoin recorded huge inflows amid spot Bitcoin ETF filings by BlackRock, Fidelity Investments, and other financial giants.

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However, $6.5 million in crypto asset outflows last week raised speculation of correction in the crypto market. Investors sold Bitcoin worth $13 million and switched to Ethereum, which saw $6.6 million inflows. Also, short Bitcoin investment products recorded the 13th consecutive week of outflows totaling $5.5 million.

crypto asset funds outflows

After Ethereum, XRP recorded the most inflows of $2.6 due to Ripple’s partial win against the US SEC. Other altcoins Solana, Uniswap, and Polygon (MATIC) saw inflows totaling $1.1 million, $0.7 million, and $0.7 million, respectively. Trading volumes decreased significantly last week.

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ProShares ETFs, ETC Issuance GmbH, and Purpose Investments recorded the most outflows last week. Negative sentiment was primarily focused on the North American market, which saw 99% of outflows ($21 million). This was offset by $12 million in inflows into Switzerland and $1.9 million into Germany.

Also Read: Binance And Other Crypto Exchanges Announce Worldcoin (WLD) Listing

Bitcoin, Ethereum, and Altcoins Saw Sudden Fall

A broader selloff across the crypto market saw over $90 million worth of crypto assets liquidated in an hour and $150 million liquidated in the past 24 hours. BTC price fell sharply to the $29,000 level, with the price currently trading near $29,200. Meanwhile, ETH price trades near $1850, falling comparatively less than Bitcoin.

Government bond yields around the world retreated, with the US 10-year Treasury note yield falling to 3.81%. Traders also bracing for key events such as interest rate decisions from the US Federal Reserve, the ECB, and the Bank of Japan.

Read More: Crypto Market Selloff – Bitcoin, ETH, XRP Price Falling Sharply; What Happened?

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