Institutional managers continue to profit from the cryptocurrency they hold, with funds dedicated to Bitcoin (Bitcoin) According to CoinShares data, there has been an outflow of funds for the sixth consecutive week.
The total outflow of digital asset investment products last week was US$79 million, a decline for the third consecutive week and the longest retracement period since February 2018. The total outflow of the Bitcon fund was 89 million U.S. dollars, while the Ethereum (Ethereum) The product’s decline was US$1.9 million.
Year-to-date, Bitcoin investment products have generated a net inflow of more than 4.1 billion U.S. dollars. At the same time, since the beginning of 2021, ether products have accumulated USD 992 million.
Last week, multi-asset investment products holding a basket of cryptocurrencies flowed in at $10 million, reversing the downward trend. Statistics show that these funds have generated an inflow of US$351 million this year.
As portfolio managers continue to track sharp declines in asset values, institutional purchases of cryptocurrencies have faltered in recent weeks.Bitcoin is Currently less than 33,000 USD, Which is down 50% from the peak in May. On Monday, the total market value of all cryptocurrencies fell below 1.4 trillion U.S. dollars, almost half of last month’s high.
Although on-chain indicators seem to show favorable signs of the bottom-that Bitcoin is being snapped up by long-term holders at the expense of new wallets-the market sentiment remains extremely pessimistic due to negative news. China’s ban on Bitcoin mining is an ominous “death cross” for Bitcoin and Bitcoin Grayscale’s giant BTC will be unlocked in July Just some headlines that depress investor sentiment.