Institutional outflows of cryptocurrency funds increased last week, indicating that fund managers are still profiting from their Bitcoin (Bitcoin) Hold after the historic rise in April.
According to CoinShares data, as of Friday, the cumulative outflow of digital asset investment products totaled 19.5 million U.S. dollars, which was the fourth consecutive week of decrease.
Most of the outflows were concentrated in Bitcoin-focused funds, which reduced assets under management by 20 million U.S. dollars. This is also the fourth consecutive week of decline. At the same time, funds dedicated to Ethereum (Ethereum) Weekly outflows totaled 9.5 million U.S. dollars.
Multi-asset investment products continue to rise against the trend, and institutional investors have increased their allocations by a total of 7.5 million U.S. dollars. In the past month, the multi-asset fund has attracted an inflow of US$11.9 million. In contrast, the cumulative outflow of Bitcoin funds over the same period totaled US$67.8 million.
As reported by Cointelegraph, institutional sales of cryptocurrencies in June The beginning of the 2018 bear marketAt that time, after multiple failed breakthrough attempts, the Bitcoin price hovered around $32,000. Emotions have clearly changed in the past week, Bitcoin briefly recovered $42,000 Before correction.
Institutions continue to have extensive exposure to cryptocurrency investments. According to Coinshares’ calculations, the total assets under management of major fund providers are US$45.1 billion.Institutional Risk exposure may increase in the short term If the bullish case of the four-year market cycle is verified.