Institutional investors sold $173 million in Bitcoin and cryptocurrency investment products in one week, according to a new update from CoinShares.
The digital asset company said outflows totaled $3.74 billion last month as BTC prices fell from around $95,400 to a low of $62,800.
Last week, Bitcoin witnessed an outflow of $133 million. Ethereum suffered an outflow of $85.1 million.
Some altcoins bucked the trend, including XRP with $33.4 million, Solana with $31 million, and Chainlink with $1.1 million.
Regionally, the United States leads with outflows of $403 million. This was offset by inflows of $230 million from elsewhere, including $115 million from Germany, $46.3 million from Canada and $36.8 million from Switzerland.
Exchange-traded product trading volume decreased from $63 billion the previous week to $27 billion.
On the bright side, Bitcoin shorts also experienced outflows of $15.4 million over two weeks, a sign often seen near market bottoms, according to CoinShares.
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