• Digital asset manager CoinShares finds that institutional investors sold off $62 million in crypto holdings last week.
• Bitcoin (BTC) and Ethereum (ETH) suffered outflows of $2.7 million each, while short Bitcoin products saw even more outflows at $6.3 million.
• Tron (TRX) suffered the biggest hit with $51 million in outflows last week, while XRP and Polygon (MATIC) products enjoyed inflows of $0.6 and $0.4 million respectively.
Ethereum Rival Takes Hit as Institutional Investors Sell-Off Crypto Holdings: CoinShares
Major Outflows for Seventh Week in a Row
Digital asset manager CoinShares reports that institutional investors have sold off around $62 million in crypto holdings over the course of the past week, representing the seventh consecutive week of major outflows from the market. According to CoinShares’ Digital Asset Fund Flows Weekly Report, this is proportionally similar to the total sell-offs observed early on in 2022.
BTC and ETH Suffer Outflows
CoinShares’ report also notes that both Bitcoin (BTC) and Ethereum (ETH) saw outflows totaling around $2.7 million each last week, while short Bitcoin products experienced heavier losses with total outflow reaching a whopping $6.3 million over the course of six weeks – implying that investors are taking profits rather than signaling any negative sentiment towards BTC itself.
Tron Takes Biggest Hit
However, it was Tron (TRX), a major competitor to Ethereum, that suffered most heavily from these sell-offs according to CoinShares’ report – with total outflow for TRX reaching an astounding $51 million last week alone and representing 70% of its total Assets Under Management (AuM). The report suggests that this could be due to one large investment provider removing seed capital rather than any negative sentiment towards TRX itself.
Rivals Gain Momentum
On the flip side, XRP and Polygon (MATIC), two other major competitors to Ethereum, both experienced positive inflows totaling at around $0.6 and 0