We all know the institutional interest in MATIC and other digital assets in the cryptocurrency world. However, there has been a transition between cryptocurrencies in recent days. Let’s see where the corporate money flowed?
Institutional coin sells MATIC and ETH
A total of 88 million US dollars outflow has been experienced from digital asset investment products. The last 8 weeks of releases reached 417 million US dollars. It is emphasized that this situation is related to monetary policy. It is unclear when the rate hikes will end. In addition, this situation pushes investors to be cautious. Ethereum experienced a $36 million breakout, the biggest single-week breakout. Altcoins have seen inflows year-to-date, in stark contrast to Bitcoin and Ethereum. In particular, there are exits from MATIC, Bitcoin and Ethereum. On the other hand, there have been entries for Litecoin, Solana, and XRP.
Digital asset investment products, including MATIC, experienced a total exit of US$88 million, with 8-week exits reaching US$417 million. The record-breaking 12-week ascent seen in the April-June period last year is near. It is certain that this situation is related to monetary policy, as it was last year. Accordingly, the lack of a clear end in sight to interest rate hikes pushes investors to be cautious.
What are the outputs?
87% of exits are focused on a single provider. Accordingly, almost all of the outlets are based in North America. There are small entries of $9.2 million in Switzerland. In addition, outflows of 9.4 million dollars in Germany draw attention. Apart from MATIC, there is a total outflow of $52 million in Bitcoin. Accordingly, the 8-week output total reached 254 million dollars on a numerical basis. It also represented 1.2% of total managed assets (AuM). There was an outflow of 1.1 million US dollars in short-focused Bitcoin. On the other hand, 7-week exits represent 44% of AuM.
Ethereum saw $36 million outflows, the biggest single-week outflow since September last year. However, it should be noted that the total outputs represent only 0.6% of the AuM. On a numerical basis, it performed relatively better than Bitcoin. There have been minor entries in altcoins, Litecoin, XRP, and Solana. However, Polygon, MATIC, had a breakthrough. When we look at Kriptokoin.com, there is an entry to altcoins with exits. Interestingly, in total, altcoins have seen year-to-date (excluding Tron) inflows, in stark contrast to Bitcoin and Ethereum.
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