Digital assets manager CoinShares says crypto product institutional investments suffered their second consecutive week of outflows last week.
In its latest Digital Asset Fund Flows report, CoinShares says digital asset investment products lost $206 million in outflows last week, bringing the two-week total outflows to nearly $312 million.
According to CoinShares, investor interest in crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) is dipping as fears of an increase in interest rates rise.
“Digital asset investment products saw outflows for the second consecutive week totaling $206 million, with trading volumes in ETPs dipping slightly at $18 billion.
These volumes represent a lower percentage of total bitcoin volumes (which continue to rise) at 28%, compared to 55% a month ago. The data suggests appetite from ETP/ETF investors continues to wane, likely off the back of expectations that the FED is likely to keep interest rates at these high levels for longer than expected.”
While institutional investors in Canada and Switzerland provided $30 million and $8 million in inflows, respectively, Germany saw minor outflows of $8 million. Meanwhile, negative US ETF sentiment led to large regional outflows of $244 million.
Bitcoin (BTC), per usual, suffered the brunt of the outflows, losing $192 million. For the sixth week in a row, Ethereum (ETH) products saw outflows, last week to the tune of $34 million.
However, certain crypto products did manage to draw inflows. Multi-asset investment vehicles, products investing in more than one crypto, enjoyed $9 million in inflows last week while Litecoin (LTC) and Chainlink (LINK) raked in $3.2 million and $1.7 million a piece.
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Source: https://dailyhodl.com/2024/04/22/us-institutions-take-206000000-out-of-crypto-investment-products-amid-interest-rate-worries-coinshares/