Institutional investors just sold $173 million in Bitcoin and crypto investment products in one week, according to a new update from CoinShares.
The digital asset firm says outflows have now totaled a whopping $3.74 billion in the last month, as the price of BTC dropped from around $95,400 to a low of $62,800.
Last week, Bitcoin witnessed $133 million in outflows. Ethereum followed with $85.1 million outflows.
Some altcoins bucked the trend, with XRP attracting $33.4 million inflows, Solana $31 million and Chainlink $1.1 million.
Regionally, the US led with $403 million outflows. That was offset by $230 million inflows elsewhere, including $115 million in Germany, $46.3 million in Canada and $36.8 million in Switzerland.
Trading volumes for exchange-traded products dropped to $27 billion from $63 billion the prior week.
On the bright side for bulls, short-Bitcoin products also experienced $15.4 million in outflows over two weeks, which according to CoinShares is a signal often seen near market bottoms.
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