Institutional managers haven’t stopped taking profits on their crypto holdings, with funds dedicated to Bitcoin reaching a sixth consecutive weekly outflow.
The total outflows from digital asset investment products have reached $79 million during the previous week, which means it was the third consecutive weekly decline registered, while also marking the longest stretch of drawdowns since all the way back in February 2018. Outflows from Bitcoin funds have reached $89 million, while Ethereum products registered a decline of $1.9 million.
Year-to-date, Bitcoin investment products have provided more than $4.1 billion in net inflows. At the same time, Ether products have reached $992 million since the year began.
The number of institutions that purchased crypto has fallen in recent weeks as portfolio managers have carried to register an important decline in asset value. Bitcoin is currently being traded at around $33,000, which represents a fall of 50% since its May peak. The combined market value of crypto, in total, has fallen below $1.4 trillion yesterday, indicating a halving from the May high.