Institutional crypto sales hit longest chain since February 2018

Institutional managers continue to profit from their own crypto holdings, together with Bitcoin (BTC) -specific capital seeing their sixth successive weekly outflow, based on CoinShares.

Digital asset investment product outflows totaled $ 79 million last week, marking the third straight week of declines and the longest withdrawals since February 2018.

To date, Bitcoin investment products have generated over $ 4.1 billion in net capital inflows. Meanwhile, Ether products have amassed $ 992 million since early 2021.

Multi-asset investment goods comprising a basket of cryptocurrencies countered the downtrend last week by posting $10 million in inflows. These funds have generated $351 million this year, the data showed.

Connected: Ethereum investment goods are seeing the largest weekly outflow of all time – CoinShares

Institutional crypto buyers have fluctuated over the last few months as portfolio managers continue to search for a gigantic drop in assets. Bitcoin is now ailing under $33,000, 50 percent less than its May high. The combined market value of cryptocurrencies dropped below $ 1.4 trillion on Monday, nearly halving from last month’s high.

While on-chain indicators appear to be showing positive signs of bottoming out – specifically, Bitcoin being retrieved from long-term holders at the expense of newer pockets – market opinion remains in full swing amid headlines. China’s Bitcoin mining ban, an ominous “death sign” for Bitcoin, and Grayscale’s massive BTC activation in July are merely a few of the headlines dampening investor opinion.