CoinShares analysts recorded the first outflow of institutional capital from crypto funds in the last six weeks.
The researchers estimate that over seven days, large investors withdrew $17 million from crypto-focused funds. Bitcoin instruments lost $21 million, but traders put $2.6 million into short BTC positions.
Altcoins suffered the least losses last week ending August 12. Institutions withdrew about $100,000 from funds focused on Ethereum and Tron, and $200,000 from Cardano and XRP.
The crypto funds ProShares, Purpose, 3iQ Digital Asset Management, and CI Investments were the most affected.
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CoinShares strategist James Butterfill stressed that capex was gradually declining due to weakening investor activity. Many traders switched to profit-taking, which also had a negative impact on the performance of cryptocurrency funds.
Canadian institutions withdrew $26 million from the market, and American ones - $10 million.
The outflow of funds from crypto funds in Australia, Brazil, and Switzerland amounted to about $1 million, CoinShares analysts emphasized.