Institutional investors withdrew the largest amount of funds from crypto funds since January 2022 last week.
According to CoinShares experts, the net capital outflow from crypto-focused products amounted to $134 million.
According to the report published by the company, Bitcoin and Ethereum funds were the most affected by this outflow. Notably, Bitcoin funds have lost $131.8 million, while short-term products, on the contrary, have recorded a capital inflow of $2 million.
The company researchers attribute the massive withdrawal of funds experienced last week to the jump in Bitcoin at the end of March. BTC briefly strengthened to $48,000, which is the reason why traders started to massively switch to profit taking.
The outflow from Ethereum funds amounted to $15.3 million. Thus, since the beginning of the year, these products have lost $126 million.