- BTC investment products see a record outflow of $141 million the past week.
- Institutions withdrew nearly $100 million from crypto products between May 10 and May 16.
According to CoinShares, BTC investment products see a record outflow of $141 million the past week.
CoinShares digital asset fund flows weekly report shows that outflows from institutional BTC investment products continue to surge. Also, based on the data, institutional investors reduce Bitcoin exposure, which saw a record outflow of $141 million this past week.
The withdrawals come amid May’s crypto market crash. More so, the institutions withdrew nearly $100 million from crypto products between May 10 and May 16. Thus, it is before the outflows temporarily slowed towards the end of last month.
Also, CoinShares highlighted the outflows as follow:
The outflows represent 8.3% of the net inflows seen this year and remain minimal on relative terms to the outflows seen in early 2018.
More than $4.2 billion in capital has flowed into Bitcoin products. Therefore, BTC now represents 65.9% of all money locked in crypto investment products.
As the institutional demand for BTC is declining, it coincides with increasing institutional desires for Ethereum. CoinShares report shows that Ether represents more than 26.8% of the combined AUM. This is the current locked-in crypto investment product after receiving $33 million this past week.
In addition, CoinShares investment product flows data show that altcoins remain famous, with inflows into altcoin investment products. The report also shows that PoS coins remain the most popular, with inflows into ADA, DOT, and XRP of $ 5.2m, $3.8m, and $4.5m, respectively.