Institutional selling of crypto reaches longest streak since Feb 2018
June 21, 2021. Summarized by summa-bot.
Compression ratio: 39%. 1 min read.
Outflows from Bitcoin funds totaled $89 million last week, marking the sixth consecutive weekly decline.
Institutional managers continued to take profits on their cryptocurrency holdings, with funds dedicated to Bitcoin (BTC) registering their sixth consecutive weekly outflows, according to CoinShares.
Outflows from digital asset investment products totaled $79 million last week, marking the third consecutive weekly decline and the longest stretch of drawdowns since February 2018.
Outflows from Bitcon funds totaled $89 million, whereas Ethereum (ETH) products endured a $1. 9 million decline.
Multi-asset investment products that hold a basket of cryptocurrencies bucked the downtrend last week by registering $10 million in inflows.
Related: Ethereum investment products see largest weekly outflows on record — CoinShares