Institutions continue to withdraw capital from crypto funds for the second week. BUT they began to show much more interest in altcoins.
This is evidenced by the#CoinSharesreport data for June 15-21.
The net outflow on the market amounted to -$584 million compared to -$600 million a week earlier.
CoinShares believes this is a reaction to pessimism among investors about the Fed cutting interest rates this year.
In terms of outflows, we are, of course, primarily talking about spot Bitcoin ETFs. The situation for them looked in some ways even worse than the week before. The net inflow for the main buyer, #BlackRock, this time totaled +$1 million (a week earlier +$42 million). Other issuers were selling.
Details on inflows/outflows for assets as a whole:
- Crypto products focused on#BTCshowed an outflow of -$630 million (a week earlier -$621 million).
- Crypto products focused on#BTCshorts had an outflow of -$1.2 million (a week earlier, a weak inflow of +$1.8 million). It doesn't look like institutions are willing to bet heavily on#BTCgoing down.
- There was a serious outflow of #ETH-focused crypto products, amounting to as much as $58.3 million. And this despite the fact that a week earlier the inflows were: +$13.1 million, +$68.9 million, +$33.5 million and +$36 million. Looks like someone decided to get stuck on expectations. Although there was no negative news regarding the preparations for the launch of spot Ethereum ETFs.
Among individual altcoins, only #SOL, +$2.7 million, showed a relatively significant influx. A week earlier there was an outflow of -$0.2 million. There are very small inflows from#LTC(+$1.3 million),#XRP(+$0.7 million), LINK (+$0.3 million). Outflows - only for#ADA(-0.3 million $).
BUT what is remarkable and most important is that there was a large influx of $98.3 million this time under the Multi-asset item (a week earlier - $1.1 million).
These are investments in funds or products that contain several different cryptocurrencies. The purpose of such products is to diversify investments in order to reduce risks and increase potential profitability by distributing funds across different assets. This corrected the overall picture of inflows. CoinShares believes this influx suggests that investors have perceived weakness in the altcoin market as a buying opportunity.
Geographically, the US is the leader in outflows, by a wide margin. But Canada also showed significant outflows this time. Next comes Germany, Hong Kong (noticeably changed from the previous week), Sweden. Tributaries are in Switzerland, Brazil, Australia (the latter has very small ones).
