Institutions Break 11 Straight Weeks Of Buying Crypto: Report
CoinShares reported outflows from large entities over the past week.
By: Pedro Solimano • Loading...News Chain
Institutions are taking profit, according to CoinShares’ latest institutional report.
Digital asset investment products suffered $16M worth of outflows this past week after 11 straight weeks of purchases.
Large entities began reaping gains made over the recent crypto rally, in a week marked by a widespread crypto market sell-off and above-yearly-average trading volumes.
Head of research for CoinShares, James Butterfill, said sales came mostly from the United States with $18M of outflows, while Germany and Switzerland had inflows worth $10M and $9.1M respectively.
This activity leads him to believe that the offloading is mostly profit-taking and not a change in sentiment in the asset class.
Trading activity surged, with $3.6B changing hands. That’s more than double the 2023 average of $1.6B, according to the report.
Bitcoin was the biggest loser of the week, with $32.8M sold off from BTC products. Its 2023 has been significantly bullish, however, with $1.6B accumulated by institutions, and triple-digit price appreciation.
While the previous week was bullish for Ethereum, the asset was once again predominantly sold by institutions, with outflows notching $4.4M.
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