Amid negative sentiment around the crypto market, institutiona | Bullets

Amid negative sentiment around the crypto market, institutional investors pulled out approximately $102 million last week from digital asset investment products. The outflows were mainly focused on Bitcoin as nearly $57 million worth of investment has left BTC products.Ethereum’s struggle continued last week as the world’s second most valuable digital asset witnessed weekly outflows worth $41 million. Year-to-date outflows related to ETH investment products now stand at around $387 million.“Digital asset investment products flows remain choppy in anticipation of hawkish monetary policy, with steady daily outflows last week totaling US$102m. What has pushed Bitcoin into a 'crypto winter' over the last 6 months can by and large be explained as a direct result of increasingly hawkish rhetoric from the US Federal Reserve. Regionally, the majority of outflows were focused on the Americas, totaling US$98m with Europe seeing just US$2m outflows. Bitcoin saw outflows totaling US$57m last week bringing month-to-date outflows to US$91m,” CoinShares highlighted in its weekly report.By the end of the last week, the total value of global BTC assets under management stood at $26 billion, which is significantly lower compared to more than $50 billion in November last year.Crypto WinterThe institutional sentiment has been hit hard by the recent correction across the crypto market. In addition to Bitcoin and Ethereum, inflows related to multi-asset products saw a major drop last week.“Aside from Multi-asset investments products, which saw US$4.7m of outflows last week, investors steered clear of adding to altcoin positions. Blockchain equities have not escaped the negative sentiment with outflows of US$5m last week. Total AuM has fallen 54% from its November 2021 peak to US$1.9bn,” the report added.Yesterday, the market cap of digital currencies dipped below $1 trillion after Bitcoin and Ethereum saw sharp price declines.This article was written by Bilal Jafar at www.financemagnates.com.

via CryptoCurrency – Finance Magnates | Financial and business news https://ift.tt/e1PiyZJ