Three weeks in a row, institutional investors have been expressing negative sentiment. According to a new Report from CoinShares, digital asset investment products experienced outflows last week of $54 millions dollars. This is a significant improvement over the $72 millions in outflows that were seen during the last week of the month.
CoinShares is a digital asset investment company that tracks the investments of major exchange-traded funds, mutual funds and over-the counter (OTC), trusts in cryptocurrencies like, and altcoins. It publishes findings in a report every week.
Germany and Canada saw outflows of $27 million and 20 million dollars, respectively. The majority of outflows were attributed to fund issuers 3iQ Corporation in Canada and CoinShares Physical Europe.
James Butterfill , Head of Research for CoinShares , stated , that although volumes for the cryptocurrency industry as a whole are half of what they were in 2023 at the start, the interest for investment products has increased by 16% since last year.
Bitcoin has continued to be the primary source of outflows for large investors in the last week. The amount is approaching $32 million dollars. Although sentiment has turned positive in the United States, the asset saw a record short interest of $23million, mostly from European and Canadian funds.
The past week has seen little activity in the altcoin market. Ethereum saw $2.3 million of outflows and $3.4 million of deposits. This is the second-largest weekly capital inflow into SOL funds over the last twelve months.
The recent selling also coincides with a study from Goldman Sachs that shows that the interest of the ultra-rich in the cryptocurrency market is waning.
According to Coingecko, Bitcoin’s value has been relatively stable over the last 30 days, with a loss of -1.6%.