{"id":126644,"date":"2023-07-24T12:38:00","date_gmt":"2023-07-24T12:38:00","guid":{"rendered":"https:\/\/dripp.zone\/news\/crypto-asset-funds-record-first-week-of-outflow-institutions-selling-bitcoin-crypto-news\/"},"modified":"2023-07-24T12:38:02","modified_gmt":"2023-07-24T12:38:02","slug":"crypto-asset-funds-record-first-week-of-outflow-institutions-selling-bitcoin-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/crypto-asset-funds-record-first-week-of-outflow-institutions-selling-bitcoin-crypto-news\/","title":{"rendered":"Crypto Asset Funds Record First Week Of Outflow, Institutions Selling Bitcoin?\n – Crypto News"},"content":{"rendered":"

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Crypto asset investment products recorded the first week of outflows after four consecutive weeks of inflows from institutions that totaled $742 million, according to a reports<\/a> by CoinShares on July 24. Crypto asset investment products saw minor outflows totaling $6.5 million. Traders speculate whether the institutional buying is over as they offload some Bitcoin holdings.<\/p>\n

Crypto Funds Record Outflows Amid Profit Booking in Bitcoin<\/h2>\n

Crypto asset funds saw a total of $742 million of inflow<\/a> in the last four weeks. The inflows brought year-to-date flows to a net positive despite nine weeks of outflows. Bitcoin recorded huge inflows amid spot Bitcoin ETF filings by black rock<\/a>, Fidelity Investments<\/a>and other financial giants.<\/p>\n

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However, $6.5 million in crypto asset outflows last week raised speculation of a correction in the crypto market. Investors sold $13 million worth of Bitcoin and switched to Ethereum, which saw $6.6 million inflows. Also, short Bitcoin investment products recorded the 13th consecutive week of outflows totaling $5.5 million.<\/p>\n

After Ethereum, XRP<\/a> recorded the most inflows of $2.6 due to Ripple’s partial win against the US SEC. Other altcoins Solana, Uniswap, and Polygon (MATIC) saw inflows totaling $1.1 million, $0.7 million, and $0.7 million, respectively. Trading volumes decreased significantly last week.<\/p>\n

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ProShares ETFs, ETC Issuance GmbH, and Purpose Investments recorded the most outflows last week. Negative sentiment was primarily focused on the North American market, which saw 99% of outflows ($21 million). This was offset by $12 million in inflows into Switzerland and $1.9 million into Germany.<\/p>\n

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Also Read: Binance And Other Crypto Exchanges Announce Worldcoin (WLD) Listing<\/a><\/strong><\/p>\n

Bitcoin, Ethereum, and Altcoins Saw Sudden Fall<\/h2>\n

A broader selloff across the crypto market saw over $90 million<\/strong> worth of crypto assets liquidated in an hour and $150 million<\/strong> liquidated in the last 24 hours. btc price<\/a> fell sharply to the $29,000 level, with the price currently trading near $29,200. Meanwhile, eth price<\/a> trades near $1850, falling comparatively less than Bitcoin.<\/p>\n

Government bond yields around the world retreated, with the US 10-year Treasury note yield falling to 3.81%. Traders are also bracing for key events such as interest rate decisions from the US Federal Reserve<\/a>the ECB, and the Bank of Japan.<\/p>\n

Read More:<\/strong> Crypto Market Selloff \u2013 Bitcoin, ETH, XRP Price Falling Sharply; What happened?<\/a><\/p>\n

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Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry. <\/p>\n<\/p><\/div>\n

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