Institutional investors are withdrawing from the Bitcoin investment products this past week. This shows that Institutions are bearish on BTC.
Coinshares’ latest report shows that institutional BTC investment products continue to surge. The data shows heavy institutional selling amid May’s Crypto market meltdown.
$100 Million Withdrawals
Moreover, the institutions had withdrawn nearly $100 million from Crypto products between May 10 and May 16 before the outflows briefly slowed towards the end of last month.
However, the trade volume for BTC products is also sharply declining. The first week of June saw a 62% drop in trade activity compared to May’s weekly average. Coinshares highlighted that the outlaws represent less than one-tenth of 2021 inflows.
However, the described institutional sentiment towards BTC has turned bearish since early May. Since the beginning of 2021, more than $4.2 billion in capital has flowed into Bitcoin products. Moreover, the BTC current representing 5.9% of all capital locked in investment products.
The declining institutional demand for Bitcoin has again coincided with an increase in the institutional appetite for Ethereum. Moreover, Ether is representing more than 6.8% of the combined assets under management.
In addition, it is currently locked in Crypto investment products after receiving inflows of $33 million this past week.