Digital asset manager CoinShares said institutional investors have negative sentiment towards the market as cryptocurrencies suffered heavy outflows for the third consecutive week.
In its latest weekly report on digital asset fund flows, CoinShares found that institutional investors sold $54 million in crypto assets last week, with most of the outflows coming from outside the United States.
“Digital asset investment products saw outflows totaling $54 million last week, marking the third consecutive week of negative sentiment for the asset class…
By region, the majority of outflows came from Germany and Canada, at $27 million and $20 million, respectively.”
The cryptocurrency Bitcoin ( BTC ) bore the brunt of the losses, totaling $32 million, according to CoinShares data.
“Bitcoin saw outflows of $32 million last week. U.S. sentiment turned decidedly positive with inflows of $18 million, with the largest weekly outflow for shorting Bitcoin reaching $23 million.”
Altcoin investment was “unusually low,” according to CoinShares. Ethereum ( ETH ), the leading smart contract platform and altcoin, suffered $2.3 million in outflows, bringing its year-to-date outflows to $26 million. Multi-asset investment products saw inflows of $100,000. Solana ( SOL ) was the only independent altcoin to see inflows.
“Solana was the only other altcoin to see any activity with $3.4 million in inflows, the second-largest inflow in the last 12 months.”
Blockchain stocks also experienced weak sentiment last week, with $7.3 million in outflows, Coinshares reported.
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