Digital assets manager CoinShares says that institutional crypto investors pulled hundreds of millions from digital asset investment vehicles last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $528 million in outflows last week due to fear of a recession in the United States.
“Digital asset investment products saw outflows for the first time in 4 weeks totaling US$528m in what we believe is a reaction to fears of a recession in the US, geopolitical concerns and consequent broader market liquidations across most asset classes.”
The US led outflows at $531 million. While Germany and Hong Kong contributed $12 million and $27 million in outflows, respectively, Canada and Switzerland saw inflows of $17 million and $28 million.
After five consecutive weeks of inflows, Bitcoin (BTC) bled to the tune of $400 million last week. Ethereum (ETH) similarly suffered $146 million in outflows, bringing ETH’s year-to-date outflows to $430 million. However, CoinShares sees a silver lining for the leading smart contract platform.
“This data masks the positive inflows of US$430m last week from the newly launched US ETFs, but offset by US$603m outflows from the incumbent Grayscale trust. Minor outflows were also seen in European ETPs.”
Multi-asset crypto investment vehicles enjoyed $18.1 million in inflows, while XRP and Litecoin (LTC) raked in $0.4 million and $0.2 million a piece.