Institutional investor sentiment has been wavering for some time. This follows the market trend as Bitcoin falls below his $22,000 mark and the cryptocurrency market capitalization finally falls below his $1 trillion mark again. This continues to make institutional investors more bearish on the market. Last week’s numbers are in, and outflows from various digital assets show that big money isn’t betting on Bitcoin.
Institutional Investors Give Up Bitcoin
The withdrawal from Bitcoin by institutional investors has been going on for weeks now. Over the past two weeks, these investors have been withdrawing funds from digital assets. While these volumes aren’t currently the largest ever seen, they do represent a tough situation for institutional investment going forward.
For the third week in a row, Bitcoin recorded an outflow in the market. Most of the bearish sentiment from investors fell on digital assets, which registered another week of total outflows of $15 million. That’s $6 million less for him than the outflow recorded the previous week.
During this time, the bullish trend has also extended to short Bitcoin. Short His bitcoin saw only $200,000 in inflows compared to a total of $2.6 million in inflows the previous week. This not only indicates that the institutional investor is withdrawing from his long position, but also continues to reduce his short exposure. This could indicate that they expect market prices to remain calm for some time after this.
BTC continues to trend low | Source: BTCUSD on TradingView.com
Another part of the market that saw an outflow was digital investment products. Last week’s outflow was $17 million. Last week they totaled $9 billion.
Influx in unlikely places
Ethereum has never been an institutional favorite. Altcoins have suffered the brunt of the bears for the longest time, with consecutive months of outflows. But things seem to be looking for digital assets.
Last week it flowed into Ethereum, this time with a total of $3 million. This follows the announcement that the merge will take place in September, once again turning market sentiment in favor of digital assets.
Altcoins seemed to be the only ones to receive some kind of inflow last week as well. Their volumes were not very promising but there was still inflow. Following renewed bullishness, it saw an inflow of $0.50.
The bulk of the outflow came from the United States, Germany and Sweden, with blockchain stocks registering an outflow of $1.6 million over the same period.
Featured image from U.S. Gloabl Investors, chart from TradingView.com
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Institutional investor sentiment remains negative as Bitcoin outflow continues
Source link Institutional investor sentiment remains negative as Bitcoin outflow continues