According to the latest data shared by CoinShares, institutional investors are leaving 4 altcoin projects. Investors started selling their funds in these cryptocurrencies. As a result, last week, there was an outflow of $5 million in the crypto market. The biggest exits were in Short Bitcoin, Ethereum, Binance Coin and Solana. Here are the details…
Institutional investors exit these altcoin projects
Digital asset investment works totaled $5 million in outflows last week. But the sentiment is positive, with many of the exits coming from short-term investment artifacts. The information shows that investors are waiting for signs that the Fed will withdraw from its hawkish monetary policy. Meanwhile, altcoin volumes are accurately slipping to historic lows. Entries in digital asset investment works are heavy around Bitcoin.
The leading cryptocurrency saw $12 million in inflows last week. However, when it comes to exits, Short Bitcoin is in the leading position. Short Bitcoin witnessed $ 15 million outflow. This represents 10% of the total assets under management (AuM). Short Bitcoin is followed by Ethereum in losses. Institutional investors sold $2.2 million in the president altcoin project last week. ETH was followed by Binance Coin with $ 0.5 million and Solana with $ 0.2 million.
What do exits in Ethereum mean?
Ethereum saw a total of 2.2 million US dollars last week. Accordingly, institutional investors are still hesitant about the leading altcoin after the Merge upgrade. Also, recent customer feedback has been raising concerns about ETH being declared a security. Koindeks.com As a result, ETH switched to Proof-of-Stake system with Merge. Following this, SEC Leader Gary Gensler said that ETH can be classified as a security.
The biggest entries came from Germany
On a country basis, Germany was the country with the most entries, with a total of US$2.9 million. Exits came from Sweden and Canada with US$6.4 million and US$4.4 million, respectively. In addition to Germany, Switzerland and the USA also found a place in the entries. The two countries witnessed inflows of around $1.3 million and $1.2 million, respectively.
The lowest activity was seen in altcoin projects
There has been little activity in altcoin projects over the past week, with minor exits for Polkadot and Solana. Despite the poor performance of tech stocks overall, US$1.6 million equity was used in small entries in Blockchain ETPs. ETPs have seen inflows totaling $157 million this year. Meanwhile, XRP and Binance Coin were in the midst of exiting assets.