Institutional investors are leaving the crypto market in droves following a failure to return to booming ways. According to several reports, there has been a massive outflow of institutional cash in the market in the last few weeks. In a recent update, the figure surrounding the discussion was made available by Coinshares some days ago. According to the statistics, the total capital that has left the market in the last seven days is around $120 million.
Institutional investors are pushing the market outflows
According to the updated statistics by Coinshares, the total amount that has flown out of the market due to institutional investors withdrawal in a month is about $339 million. Although the market saw the same movement at the start of the year, the report claimed that this present one had not toppled it. Coinshares claimed that the figure was around $467 million at the beginning of the year, signifying a $128 million difference.
The report claims that most of the recorded withdrawals were from Bitcoin funds. This figure represents the largest outflows from the Bitcoin fund in a week since a massive $133 million was witnessed in June last year. The report also claimed that it is hard to pinpoint the exact cause of the whole issue. However, much has been said about the decline in the market, while others have speculated on the update from the US federal reserve.
The Crypto market continues its decline
The report also claimed that institutional investors invested in Ethereum were also not left out as they took out a total of $25 million from the fund across last week. This means that Ethereum has only experienced outflows in just five weeks since the start of the year. The figure for its outflow stands at a cumulative $194 million. Although most altcoins also witnessed institutional investors’ withdrawal, funds with diverse assets recorded small inflows to break the trend.
The total market cap is at its lowest figure since the one witnessed in the middle of March. The market took a 12% beating in the last 24 hours to place at $1.8 trillion. Bitcoin has also seen a slight loss to trade below $38,000, while Ethereum is also rotating around the $2,800 figure it has been trading at for a while. The majority of the altcoins follow the bearish trends of top coins, losing a massive chunk of their value. However, NEAR is still going strong, seeing a small surge of 2.7% in the market in the last 24 hours.