- Bitcoin (BTC) continues to recover after correction, while institutional crypto funds saw another outflow last week.
- According to data shared by Coinshares, institutional crypto funds, which saw an outflow of $435 million two weeks ago, saw another outflow of $251 million last week.
- Interest in other ETF issuers also significantly decreased last week, with a total of $277 million outflow from Grayscale funds.
Bitcoin (BTC) recovers after correction as institutional crypto funds see another outflow. The interest in other ETF issuers also decreased significantly.
Bitcoin (BTC) Leads the Outflow
As in previous weeks, Bitcoin (BTC) was at the top of the list with an outflow of $284 million. On the other hand, there was a fund entry of $30 million from Ethereum (ETH).
Decreased Interest in Altcoins
With the entry made to Ethereum, institutional investors turned to Solana (SOL), Polkadot (DOT), Litecoin (LTC), Avalacnhe (AVAX) and Cardano (ADA). There was a dollar entry of $300,000 to Solana, $300,000 to Polkadot, $100,000 to Litecoin, $500,000 to Avalacnhe, and $400,000 to Cardano. The money entry experienced in altcoins last week saw a slight decrease.
ETFs Trading in Hong Kong
ETFs that started trading in Hong Kong closed their first week with a gain of $307 million. However, the outflows experienced in the overall ETF performance overshadowed Hong Kong’s successful first week.
Conclusion
According to the Coinshares report, US investors were the country with the most outflows, while Hong Kong investors were the country with the most entries. The majority of these were made up of the amounts entered and exited from spot Bitcoin ETF issuers.
