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Institutional investors have sharply reduced their investments in cryptocurrency products: according to CoinShares, they sold $ 173 million worth of assets in just one week. In total, the outflow of funds amounted to $ 3.74 billion over the past month, which coincided with a drop in the price of Bitcoin from $ 95,400 to $ 62,800.
The largest losses were on Bitcoin BTC $78,486.78 Bitcoin -0.60% Market capitalization $1.58 trillion VOL. 24 hours $1.32 billion - $ 133 million of outflows, as well as on Ethereum ETH $2,461.81 Ethereum -0.58% Market capitalization $297.09 billion VOL. 24 hours $0.64 billion - $ 85.1 million. At the same time, some altcoins showed the opposite trend: XRP XRP $1.41 XRP -4.48% Market capitalization $88.57 billion VOL. 24 hours $0.25 billion received $ 33.4 million in inflows, Solana SOL $96.99 Solana -1.58% Market capitalization $56.58 billion VOL. 24 hours $0.25 billion - $ 31 million, Chainlink LINK $11.39 Chainlink -1.29% Market capitalization $8.52 billion VOL. 24 hours $27.45 million - $ 1.1 million.
Regionally, the United States became the leader of outflows with $ 403 million, but this was partially compensated by other countries: Germany added $ 115 million, Canada — $ 46.3 million, Switzerland — $ 36.8 million.
Trading volumes of exchange-traded products fell sharply, from $ 63 billion to $ 27 billion over the week.
Despite the negative dynamics, CoinShares notes one positive signal: products that allow you to open short positions on Bitcoin also experienced an outflow of $ 15.4 million over the past two weeks. Such a trend is often observed near market «surrender days» and may indicate that a local bottom is approaching.