• Digital asset manager CoinShares reports that institutional investors sold off $5.1 million in crypto holdings last week.
• Outflows seen earlier in the week were offset by an influx of institutional investors after news that one of the world’s largest asset managers has applied for a Bitcoin ETP (exchange-traded product).
• Institutional investors purchased XRP, Cardano (ADA), and Polygon (MATIC) following recent altcoin discount.
CoinShares Reports Institutional Crypto Outflow
Digital assets manager CoinShares says institutional investors have been selling off crypto holdings for nine weeks in a row totaling $423 million. Last week alone, outflows totaled $5.1 million involving Bitcoin (BTC), Ethereum (ETH), multi-asset investment vehicles, and Tron (TRX).
Institutional Investors Invest After Altcoin Discount
Recent crashes in altcoins prompted institutions to invest in XRP, Cardano (ADA), and Polygon (MATIC). Inflows totaled $2.4 million, with XRP, Cardano and Polygon receiving inflows of US$1m, US$0.6m and US$0.2m respectively.
Application for Bitcoin ETP Offset Outflows
Outflows seen earlier in the week were offset by an influx of institutional investors after news that one of the world’s largest asset managers has applied for a Bitcoin ETP (exchange-traded product) in the US.
Altcoin Prices Prompted Investment
The prior week’s crash in altcoin prices prompted investors to add to positions with inflows totaling US$2.4m, with XRP, Cardano and Polygon being the focus seeing inflows of US$1m, US$0.6m and US$0.2m respectively.
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