BTC investment products saw a significant jump in outflows last week as institutional investors showed a glimpse of panic. According to a weekly digital asset fund flows report published by CoinShares, almost $154 million worth of investment left Bitcoin products last week.
With that, the overall value of global BTC assets under management now stands at around $25 billion, compared to an all-time high of almost $50 billion in November 2021. By the end of the last week, the total value of crypto assets under management reached $38 billion, which is the lowest level since July 2021.
“Bitcoin (BTC) was again the primary focus with a swing from inflows the prior week to outflows totaling US$154m last week. Year-to-date and month-to-date flows remain net positive at US$307m and US$187m, respectively. Short bitcoin saw outflows totaling US$1.1m last week,” the report highlighted.
Last week, North America and the European region presented a contrasting picture. The US and Canada-based digital asset management firms saw outflows worth $154 million while inflows of $12.4 million were observed across the European digital asset management companies.
Altcoins
Both Cardano (ADA) and Polkadot (DOT) attracted inflows worth $1 million each last week. Amid market correction, investors have diversified their portfolios in the last week to minimize risks.
“Multi-asset (multi-crypto) investment products remain the stalwart with inflows totaling US$9.7m last week. Inflows year-to-date represent 5.3% (US$185m) of AuM. The investment products have seen only two weeks of outflows this year, much lower relative to its peers. We believe investors see multi-asset investment products as safer relative to single-line investment products during volatile periods. Minor inflows were seen across a broad selection of altcoins,” CoinShares noted in its weekly report.
The crypto market cap remained unchanged during the past 24 hours. BTC, ETH and Binance Coin (BNB) witnessed marginal gains.
