Here is Which Altcoin Saw the Biggest Surge in Institutional Investments Last Week
CoinShares, a digital assets manager, has revealed that institutional investors are expressing pessimism towards the market as the cryptocurrency sector experiences significant outflows for the third consecutive week.
As per CoinShares’ latest Digital Asset Fund Flows Weekly Report, institutional investors offloaded $54 million in crypto holdings last week, with a significant portion of the outflows originating from countries outside the United States.
CoinShares notes that digital asset investment products experienced outflows amounting to $54 million last week, marking the third consecutive week of negative sentiment towards this asset class. Germany and Canada accounted for the majority of the regional outflows, with $27 million and $20 million, respectively.
The largest impact of these outflows was observed on Bitcoin (BTC), the leading cryptocurrency, with a total of $32 million being divested, according to CoinShares.
CoinShares reveals that Bitcoin experienced outflows of $32 million in the previous week. While sentiment in the United States notably improved, resulting in inflows of $18 million, it also recorded the highest weekly outflows from short-Bitcoin on record, amounting to $23 million.
READ MORE: Ethereum and Binance Coin Could Witness Significant Price Drops, Analyst Warns
CoinShares highlights that altcoin investment exhibited an unusually low level of activity. Ethereum (ETH), a prominent altcoin and smart contract platform, suffered outflows of $2.3 million, bringing its year-to-date outflows to $26 million. However, multi-asset investment products received inflows of $0.1 million. The only stand-alone altcoin to attract inflows was Solana (SOL).
CoinShares reports that Solana was the sole altcoin to witness any activity, with inflows of $3.4 million, marking the second-largest amount over the past 12 months.
Additionally, CoinShares states that weak sentiment prevailed in the blockchain equities segment, resulting in outflows of $7.3 million last week.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
