The CoinShares weekly report shows that there is another major output in digital asset products, and most institutional sales are focused on Bitcoin funds.
Total output of digital asset products last week stood at US$79 million, down for the third consecutive week and the longest retracement since February 2018.
Bitcon’s total cash outflow was US$89 million, while Ethereum (ETH) products declined by US$1.9 million. As of today, Bitcoin investment products have generated a net inflow of over US$4.1 billion. dollars.
Meanwhile, Ether products have grown by $992 million since early 2021. Multi-asset investing products containing a basket of cryptocurrencies broke the downward trend with a collection of US$10 million last week.
Figures show that these funds generated US$351 million this year. While portfolio managers continue to track sharp declines in asset values, purchases of institutional cryptocurrencies have weakened in recent weeks.
Bitcoin is currently lower than $33,000 and has dropped by 50% since the summit in May. The total market value of all cryptocurrencies has dropped to under US$1.4 trillion dollars.
On Monday, nearly half of last month’s high, and on the chain of indicators seem to show favourable signals from the bottom, that Bitcoin is being picked up by long-term holders.
New Portfolio: Due to negative news, the market climate continues to be extremely pessimistic. China’s ban on Bitcoin mining, the sinister “cross of death” of Bitcoin, and the massive unlocking of Grayscale BTC in July are just a few of the securities impacting investor sentiment.