Last week marked the biggest week of outflows for Bitcoin since June 2021, after institutional investors shed $133 million worth of Bitcoin (BTC) products.
The outflows for the week that ended on April 29 totaled $120.1 million, according to CoinShares’ Digital Asset Fund Flows report. Luckily there were an unexpected inflow of around $38 million for FTX Token (FTT) products.
These numbers brought the month-to-date outflows for Bitcoin in April to $310.8 million.
The last time Bitcoin saw these kinds of outflow numbers in one week was in June of 2021, after a big FUD in the news about Tesla (NASDAQ:TSLA) stopping BTC payments for its cars. This was done because of environmental concerns. China announcing its crypto mining ban also did not do BTC any good.
CoinShares reported that there seems to be no clear reason for the bearish sentiment at the moment. However, it did highlight that “it is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”
BTC has struggled a lot over the last thirty days and has seen a price drop of about 15.97%, which left it sitting at $38,792.36. Ethereum (ETH) has also been suffering a bit recently and has seen $25 million worth of outflows.
CoinShares revealed that month-to-date outflows for all products they tracked have $326.1 million in total. This suggests that investors are looking to take risks off the table with crypto investments.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
