Institutional investors have fled in large numbers after the failed return of the cryptocurrency market to its glory days. Multiple sources have reported that the market has experienced a significant outflow in institutional cash over recent weeks. Coinshares recently updated the information on the topic to include the number.
Market exits Investors
According to Coinshares’ latest figures, the total amount of money that has flown out of the market owing to institutional investor withdrawals in a month is over $339 million. Although the market had seen a similar trend at the start, it was not reversed by the study. According to Coinshares the sum was $467 million, which indicates a $128million difference.
The majority of recorded withdrawals were made from Bitcoin funds, according to the report. The Bitcoin fund saw the largest outflows in just one week with $133 million recorded in June 2013.
The paper states that it is hard to pinpoint the root cause of the problem. However, much has been said about the market’s drop, while others have speculated on the US Federal Reserve’s report.
BTC/USD Trades on TradingView at $39k Source: TradingView
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Continued Market Destruction
The report shows that institutional investors who invested in Ethereum did not suffer, with a total withdrawal of $25,000,000 from the fund. Ethereum has experienced outflows only in five weeks since its beginning. This total sum is $194 Million. Institutional investors drew heavily from altcoins but funds that have a large portfolio saw very small inflows.
Since March’s middle, the total market capitalization has dropped to its lowest level. The market lost 12% in the past 24 hours to reach $1.8 trillion.
Bitcoin is trading at $38,000 and Ethereum hovers around the $2800 mark. Most cryptocurrencies are following the trend of popular coins that have seen their values drop and they have experienced a substantial loss in value. NEAR is on the contrary, and has seen a 2.7% increase in its market capitalization in just 24 hours.
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Featured image taken from Pixabay. Chart from TradingView.com
