The fall in the value of bitcoin in May and June led to a sharp decline in the interest of institutional investors in this instrument.
According to ByteTree Asset Management, the volume of cryptocurrency managed by Canadian, American, and European funds fell to a four-month low.
Last Friday, analysts reported that 782,558 BTC are now under the control of bitcoin funds, totaling up to $ 28.72 billion. This is the minimum value since February 25, 2021. In the last three days alone before the publication of the ByteTree report, fund stocks have shrunk by more than 15,000 bitcoins.
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Researchers remind that over 815,000 coins were under the management of crypto funds in mid-May. Since October, reserves have increased by about 300,000 BTC.
Charlie Morris of ByteTree Asset Management emphasized that institutional interest in bitcoin products began to increase since last fall. This factor has become one of the defining drivers of the cryptocurrency rally.
However, in the second quarter of this year, we saw large investors withdrawing from crypto-focused products, which led to such a shocking market drop.