Institutional investors sold $133 million worth of Bitcoin (BTC) investment products last week, marking the biggest breakout week since June last year. Here is the report of CoinShares…
Bitcoin outflows stabilized with FTX Token (FTT)
According to the latest data from CoinShares’ weekly Digital Asset Funds Flows report, total digital assets for the week ended April 29 Wealth fund outflows totaled $120.1 million, with major Bitcoin outflows offset by a surprise $38 million inflow for FTX Token (FTT). Last week’s $132.7 million outflow from BTC funds brought monthly outflows to $310.8 million for April. As we reported as
Kriptokoin.com, the last time BTC funds saw this level of output in a single week was Tesla’s halting BTC payments for its cars due to environmental concerns, and China’s departure from China. It was during a strong downtrend in June 2021 as a result of the massive FUD in the news, including the ban on crypto mining. CoinShares said in the report that there is no strong indication of why investment sentiment, which has dropped to a similar level last month, is resurfacing.
Which altcoins saw weekly inflows?
Like many other top assets and various stock market indices, the price of BTC has dropped significantly over the past 30 days. At the time of writing, BTC’s 30-day loss is close to 18 percent. Many attribute this to fears of inflation and the Fed’s impending rate hikes. At the other end of the spectrum, funds tied to cryptocurrency exchange FTX’s FTT saw $38 million worth of inflows, though it’s unclear whether this is part of a longer trend as FTT funds are categorized under “other.” Similar to BTC, the price of altcoin FTT has also dropped 24.5 percent in the last 30 days. Terra (LUNA) and Fantom (FTM) investment products also saw small inflows of $390,000 and $250,000 each.
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