Institutional investors are selling Bitcoin and crypto assets as the year comes to a close.
According to a new update from CoinShares, digital asset investment products recorded $446 million in outflows last week
That brings the total outflows since the October 10th market crash to $3.2 billion.
Bitcoin (BTC) led last week’s withdrawals with $443 million in outflows, while Ethereum (ETH) posted $59.5 million in outflows.
In contrast, XRP attracted $70.2 million in inflows, while Solana (SOL) saw $7.5 million in inflows.
The United States drove most of the selling, with $460 million in outflows.
Switzerland added minor withdrawals of $14.2 million while Germany bucked the trend, posting $35.7 million in inflows.
Since mid-October ETF launches for XRP and Solana, Bitcoin has seen $2.8 billion in cumulative outflows, and Ethereum $1.6 billion.
XRP and Solana funds have drawn $1.07 billion and $1.34 billion respectively over the same period.
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Featured Image: Shutterstock/Digital Store/Nikelser Kate