Institutional investment managers continue to sell cryptocurrencies like bitcoin (B T c) and Ethereum (ETH) Last week, although the outflow volume has declined significantly compared to the previous weeks, it is giving early indications that the worst sell-off in the market has subsided.
CoinShares’ weekly fund flow report showed a drop of $21.4 million over the past seven days, compared to $94 million last week. Ethereum products recorded its biggest weekly drop at $12.7 million. Funds dedicated to ETH have been outperforming bitcoin in recent months, reflecting increased demand for the second-largest cryptocurrency.
All that said, institutional investors have been net sellers of digital assets in four of the last five weeks. The period ending May 24 saw the largest weekly outflow of $97 million, according to data from CoinShares.
“Although investor sentiment has weakened over the past month, investors are committed given the influx seen this year,” the report said, citing the fact that crypto investment funds have raised $5.8 billion this year alone. . This is within 13% of the $6.7 billion inflows registered throughout 2020.
As Cointelegraph reported, crypto holdings among institutional managers Record levels reached during the height of the bull market earlier this year. Naturally, many investors are taking profits after the recent period of market volatility.
Nevertheless, the weekly fund flow report shows that the market sentiment is improving gradually. Case in point: Bitcoin is in the Fear and Greed Index the access Despite being on the bearish side, from very low levels. in between, Bitcoin Price Crossed $41,000 on MondayMarket watch moved above key technical levels, marking a gain of 12%. The price of Ether also increased by 9% on that day to $2,566.