In the report, CoinShares, the second largest and largest European digital asset asset manager, said Bitcoin investment products recorded a colossal $ 98 million in outflows:
“Outflows were exclusively for Bitcoin investment products, which accounted for a total of $98 million, or 0.2% of total assets under management. While this is small, it is the largest outflow we have recorded so far, with the second largest outflow occurring in May 2019 at $ 19 million“
Before prices crashed last week, BTC investment products recorded large outflows. Meanwhile, the second largest cryptocurrency, Ethereum (ETH), experienced abundant institutional investment inflows. Compared to the inflows of $ 3,1 billion in BTC, ETH trading volume in digital asset investment products totaled $ 4,1 billion.
Only BTC investment products saw outflows, while ETH and other altcoins saw significant inflows over the past week. Altcoin investment products recorded total inflows of $48 million, suggesting that “investors have diversified from BTC into altcoin investment products,” as CoinShares writes.