Last week, while there was an outflow of $59 million from digital asset funds, the preference of corporates was bearish Bitcoin (BTC) products.
Grayscale offers several futures ETF products for institutional investors, including CoinShares, 21Shares, and ProShares. These products, which are preferred by large investors, experienced massive outflows last week. According to data shared by CoinShares, there was a cash outflow of $59 million last week. On the other hand, investors received $15 million in short Bitcoin transactions. In other words, institutional investors made attempts to predict that Bitcoin would fall.
$59 million outflow from digital asset funds!
CoinShares has released its weekly digital asset fund report. CoinShares noted the pullback on the Bitcoin side of digital asset funds. There was an outflow of $59 million from digital asset funds.
CoinShares stated that with the $ 59 million outflow, trust in digital assets remains weak. The biggest breakout was in the ETC Issuance GmbH product. There was an outflow of $23 million from this digital asset fund. CoinShares Digital Securities, on the other hand, stood out from the market and witnessed an inflow of $ 2.4 million.
While there was an outflow of $63.3 million from digital asset funds last week, an inflow of $4 million was recorded. In the general outlook, it was noteworthy that there was mainly money outflow. As it is known, Bitcoin has been under the influence of the bear market since last week and is dragging altcoins along with it.
The biggest outflow in digital asset funds was experienced in Bitcoin products. According to CoinShares’ report, there was an outflow of $68.9 million from the Bitcoin product of digital asset funds. On the other hand, as the interest of institutional investors shifted to short Bitcoin products, a cash inflow of $15.2 million was reflected in the data. Investors preferred digital asset funds mainly over the falling market.
The country where digital asset funds experienced the most outflow was Germany. There was an outflow of 20 million dollars from Germany. Canada was the second country with a cash outflow of $17.6 million.
The $59.3 million outflow in digital asset funds was not experienced for the first time. This week’s result was recorded as the fourth consecutive digital asset fund exit. Regulatory uncertainties and emerging market conditions are reducing interest in digital asset funds. On the other hand, institutional companies continue to push for a spot Bitcoin ETF product.
