CoinShares, one of the leading crypto executives, says institutional profit taking has led to heavy exits in crypto investment products last week. Values from major cryptocurrencies like Bitcoin and Ethereum have flowed into other altcoins, according to CoinShares’ weekly report. Here are the details…
CoinShares: Bitcoin and Ethereum record outflows
In the “Weekly Digital Asset Fund Flows” report published yesterday, CoinShares stated that the heavy outflows of $ 134 million last week are a result of the change in the market value of the previous week. suggests it is. The report also noted that this $134 million outflow is the second largest weekly outflow of 2022. Exits came from institutions in Europe (39%) and the USA (61%). The authors of the report think that the reason behind this money outflow is the profit sale of investors as a result of the rise seen last week.
Institutional investment products focusing on the leading cryptocurrencies Bitcoin (BTC) and Ethereum (ETH), with their market shares, lasted with $ 132 million and $ 15 million, respectively. experienced the heaviest outflows of the week. Institutional investment products focused on altcoin projects, excluding Ethereum and XRP, experienced small inflows last week. Multi-asset investment products focused on multiple altcoins benefited from $5 million in inflows.
Money flowed into these altcoins
Solana (SOL) focused products had a good week, bringing in $3.7 million. Investment products based on Cardano (ADA) received an inflow of 1 million dollars in the same period. Altcoin investment products for Litecoin (LTC), Polkadot (DOT), and Tron (TRX) also posted positive flows last week of $0.6 million, $0.4 million and $0.1 million, respectively.
According to the author of the report, BTC volumes, which are slightly above the long-term average of 7 percent across investment products, do not indicate significant stress among investors. However, total Bitcoin volumes remain below average at $2.3 billion per day compared to the US. It is recorded that the average is about 3 billion dollars.
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