Digital asset manager CoinShares says that institutional investors continue to trim their positions in Bitcoin and Ethereum as the broader crypto markets flash signs of recovery.
In their weekly report, CoinShares highlights that digital asset investment products saw a net outflow of $28 million last week, with Bitcoin leading the charge. According to the firm, negative market sentiment may still be looming within financial institutions.“Bitcoin saw the majority of the outflows which totaled $24 million, the largest outflows since mid June. Net flows year to date remain positive with inflows of $4.10 billion, but they are off their peak of $4.70 billion seen in early May.
Ethereum also saw outflows totaling $7.30 million although flows were very mixed amongst providers with no discernible regional trend.”
CoinShares also puts the spotlight on multi-asset crypto investment products, which the digital asset manager says have seen sustained capital inflows every single week throughout the year.
“Multi-asset investment products continue to buck the trend with another week of inflows totaling $3.10 million. Multi-asset is the only set of investment products where there have been inflows every week this year representing 18% of assets under management.”
CoinShares reports that multi-asset crypto investment products are the third most popular route for institutions after Bitcoin and Ethereum with over $2 billion in assets under management.