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Institutional investors remain bearish in the crypto market, leading to digital asset investment products seeing record outflows.
According to CoinShares, crypto investment products hit a record weekly outflow of $207,000,000 last week.
“Digital asset investment products have seen outflows reach a weekly record of US$207 million. Outflows started in mid-December and after 4 weeks now total plus $465 million. ”
Bitcoin (BTC), the largest cryptocurrency by market cap, is perhaps more bearish than any other crypto asset.
“Bitcoin saw a total outflow of US$107 million last week, which we believe is a reaction to the FOMC minutes. [Ủy ban Thị trường Mở Liên bang] reveals the US Federal Reserve’s concerns about rising inflation.”
The FOMC minutes released on January 5 are transcripts from the Fed’s December 14-15, 2021 meetings. The Fed’s focus on inflation has worried the crypto market and most digital assets have dropped in price.
Ethereum (ETH) also saw significant outflows, continuing the bearish streak that began in December.
“Ethereum saw outflows totaling $39 million last week, bringing its total five-week outflow to $200 million.”
However, not every digital asset is like this.
XRP and Solana (SOL) have small inflows, both with a total value of less than $1,000,000. The same goes for Litecoin (LTC), with inflows of less than $500,000.