Bitcoin (BTC) is recovering after a deep correction, but last week saw a $942 million outflow from institutional crypto funds.
According to data shared on the official Coinshares blog, two weeks ago there was a record inflow of $2.9 billion into institutional crypto funds, the highest of all time, but this week there was an outflow of $942 million.
This outflow marks the first after a total $12.3 billion inflow over 7 weeks. Grayscale funds saw an outflow of $2 billion, while ETF issuers collected $1.1 billion in investments.
Bitcoin (BTC) once again took the top spot in institutional crypto funds with $904 million last week.
On the other hand, there was a $34.2 million outflow from Ethereum’s (ETH) fund, and a $3.2 million outflow from the short Bitcoin fund.
Interest in Altcoins
As institutional investors exited Bitcoin and Ethereum, they turned to Polkadot (DOT), Litecoin (LTC), and Avalanche (AVAX).
Last week saw an $5.6 million outflow from Solana, a $3.7 million outflow from Cardano (ADA), while Polkadot saw an inflow of $5 million, Litecoin saw an inflow of $2 million, and Avalanche saw an inflow of $2.9 million.
According to the Coinshares report, the biggest outflow came from U.S. investors, mostly from spot Bitcoin ETF issuers.
Additionally, there was a $37 million outflow from Sweden and a $25 million outflow from Switzerland.
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