The cryptocurrency market has seen a sharp drop in First Republic Bank shares last week and Mt. Gox was under pressure by the panic developments. The fund flow report of the week shows that institutional investors are moving away from Bitcoin and Ethereum in the meantime.
Cryptocurrency investment products surpass second bearish week
cryptocoin.comAs you follow, the $30 million fund outflow for the week of April 17 reversed the ongoing inflow into crypto investment products since the beginning of the year. Institutional money has abstained for the next two weeks.
Coinshares’ fund flow report for the week of April 24 shows that crypto investment products have seen outflows totaling $72 million for the second week in a row.
Cryptocurrency investment products have reacted negatively to the possibility of further rate hikes by the Fed in May. Reports show a total output of $72 million for the second week in a row. While volumes remain under pressure for the broader crypto market (50% below the annual average), ETP investment product volumes of $1.7 billion per week are 16% above the year average.
Bitcoin and Ethereum see institutional apathy
According to the report, Bitcoin saw a total outflow of $ 46 million last week. Meanwhile, the Short-Bitcoin product recorded a total record outflow of $7.8 million since December 2022. Short-bitcoin remains the winner in terms of year-to-date inflows with a net flow of $119 million.
Ethereum also suffered a total loss of $19 million last week. The leading altcoin had its biggest breakout week since the Merge surge in September 2022.
On the other hand, only a small group of altcoins managed to register small inflows. The most notable were Solana, Algorand, and Polygon. Here are the inputs and outputs to Coinshares’ fund flow report for the week of April 24:
- Bitcoin (BTC): – $45.5 million
- Ethereum (ETH): -19.2 million dollars
- Litecoin (LTC) remains stable
- Solana (LEFT): +0.2 million dollars
- XRP (XRP) remains stable
- Cardano (ADA): +0.1 million dollars
Fund flow by region
Regionally, unusual exits occurred across all geographies and providers. However, it first recorded $40 million and $14 million in output in Germany and Canada, respectively.
Meanwhile, Blockchain stocks did not escape the negative sentiment, with $2.5 million exits last week. But YTD net flows remain positive at $27 million. cryptocoin.com You can take a look at Coinshares’ fund flow report of the past weeks, which we have quoted as
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