The negative trend dominating the digital currency market has led to a sharp deterioration in the attractiveness of innovative instruments in the eyes of institutional investors.
For the first time in 17 weeks, crypto funds have faced capital outflows, according to CoinShares. Institutionals withdrew $ 142 million from them.
Yes, the largest exit of institutional capital from the cryptosphere was recorded at the beginning of June 2021. Then the asset management companies withdrew $ 97 million from funds focused on digital assets.
In annual terms, the withdrawal of funds amounted to only 0.23% of the total volume of capital that entered the crypto sphere.
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At the same time, the researchers note that since the beginning of the year, institutions have invested up to $ 9.5 billion in crypto funds - this is a record amount. The previous maximum was recorded in 2020 ($ 6.7 billion).
Bitcoin funds lost their lion's share of capital last week ($89 million).
Institutions withdrew almost $ 64 million from Ethereum funds, but products focused on Solana (SOL) and Polkadot (DOT), on the contrary, were able to attract $ 6.7 million and $ 2.5 million, respectively.