dailyhodl.com
Digital assets manager CoinShares unveils that institutional investors are downsizing their Bitcoin holdings for the sixth straight week.
In a new report, CoinShares reveals that big-money players have trimmed their Bitcoin holdings to the tune of hundreds of millions of dollars this year.
“The focus of outflows continues to be Bitcoin which has endured its 6th consecutive week of outflows totaling $89 million. The outflows now total $487 million this year, representing 1.60% of assets under management.”
As for Ethereum, the leading smart contract platform witnessed a significantly lower amount of outflows the past week, according to the firm.
“Ethereum saw minor outflows of $1.90 million, combined with outflows from the previous week now totaling $14.60 million. As a percentage of assets under management, it represents 0.14%, implying most of the negative sentiment has been focused on Bitcoin.”
While Ethereum may have recorded lower outflows compared to Bitcoin, CoinShares notes that institutional interest in the second-largest crypto asset may be drying up.
“Weekly trading volumes in Ethereum investment products have fallen by 80% since the May highs.”
At the time of writing, Ethereum is trading $2,024, up nearly 4% in the last 24 hours, according to CoinMarketCap.
Overall, institutional investments from various crypto trusts and funds including those offered by digital asset managers such as CoinShares, Grayscale and 3iQ have seen outflows for the third straight week, the longest streak since the bear market of 2018.
“Digital asset investment products saw a third consecutive week of outflows totaling $79 million in what is now the longest bear run in outflows since February 2018. During the bearish sentiment of 2018, there were seven consecutive weeks of outflows.”