CoinShares has reported that institutional investors pulled out a total of $54 million from crypto funds last week, bringing the monthly outflow of capital from these digital currency-focused products to $200 million.
This caused the overall volume of investment in crypto funds to decrease by 0.6%. Most of the withdrawal, approximately $38 million, was from Bitcoin-oriented products, bringing the total outflow from the market since mid-April to over $160 million (80%).
Additionally, $7 million was taken out from funds linked to multiple altcoins, although there was an increase in the attractiveness of instruments related to Cardano (ADA), Tron (TRX) and Sandbox (SAND).
Last year, crypto fund investment dropped significantly due to the poor performance of Bitcoin, with inflows estimated to be only $433 million.
However, the situation improved in the first quarter of 2023, with the surge of BTC and other major altcoins.
