According to Coinshares analysts, in the past week, investment firms and asset managers pulled out $435 million from funds that specialize in digital currencies.
This marks the third consecutive week of large capital outflows. The biggest outflow was from Grayscale’s GBTC product, with investors withdrawing $440 million.
However, this was still the lowest outflow from GBTC in the past nine weeks, as reported on the Coinshares blog. Coinshares data also shows that $388 million was withdrawn from the American crypto market.
Despite this, the flow of capital into crypto funds remains positive, with a total of $13.6 billion accumulated since the beginning of January. In the past seven days, trading volume has dropped to $11.8 billion from $18 billion the week before.
This decrease in activity can be attributed to institutional investors pulling back after Bitcoin faced downward pressure and was on the verge of dropping below $60,000.
