In the past month, institutional investor interest has fluctuated in bitcoin. Investor sentiment has fluctuated between positive and negatively as the market went through different phases, including bull market and bear market. However, the market has seen outflows in bitcoin for the past week. Even though it had held above $22,000, the digital asset did a good job.
Bitcoin sees outflows of $21 million
CoinShares’ most recent report on institutional investor investments shows how much money sees the cryptocurrency market. The trend that saw a good month of inflows in July has reversed now, as bitcoin is experiencing some of its largest weekly outflows in recent months.
Last week’s bitcoin outflows totalled $21 million. This is the highest monthly-to-date figure. However, this isn’t the first outflow for the bitcoin asset. This week has seen two consecutive outflows totaling $29 millions on a monthly base.
Bitcoin wasn’t the only asset that saw outflows during the week. In the same week, $17 Million was also withdrawn from digital investments products. It is clear that institutional sentiment tends to be negative about the cryptocurrency market.
BTC drops below $24,000| Source: BTCUSD on TradingView.com
Institutional Investors are Not Completely Bearish
While Bitcoin and digital investment products experienced outflows over the past week, this was not true overall. Other assets saw minor inflows for the week. The short Bitcoin, with $2.6 million inflows for the week, is one example.
For the same time, inflows into blockchain equity equities reached $8 million. The inflows were slowed in the recent months and this is a good improvement for this asset.
Altcoins saw inflows throughout the week. This was despite this being across many altcoins. These altcoins received $3.9 million in total. Uniswap, with $100,000 inflows, was the only exception. This shows how inflows are slowing down in these altcoins.
While most of the outflows originated from Europe and across the pond in Europe the bulk of them came from North American or South American exchanges. We can safely say that the sentiment isn’t consistent between regions. American investors have been shown to be less bearish in outflows than their European counterparts.
CNBC, featured image and chart by TradingView.com
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