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.
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.