Bitcoin Institutional Outflows Touch 4-Month High
Bitcoin was once again the major focus as institutional investors appeared to be quickly exiting the market, with the largest weekly outflow seen since March.
The crypto summer slump is in full swing, and weekly trading volumes in investment products have fallen a startling 36% below the norm for the entire year. Volumes in the broader on-exchange market have suffered worse, down 62% from the average for the year thus far.
Long Bitcoin investment products accounted for 93% of weekly withdrawals last week, while short Bitcoin investment products suffered their 14th straight week of outflows, totaling $3.1 million.
Around $111 million worth of bitcoin was removed off the market. This was the biggest since March, when the US SEC started looking into cryptocurrency exchanges for regulatory purposes.
Ethereum and Bitcoin experienced outflows totaling $117 million last week, with $6 million reaching $6 million. Altcoins were also affected, with $71 million and $29 million recorded in Germany and Canada, respectively. Uniswap and Cardano also experienced outflows of $0.8 and $0.3 million, respectively.
(With inputs from Shikha Singh)
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