Institutional leaders continued to cash in on their crypto holdings, as bitcoin (BTC) funds posted their sixth consecutive weekly inflow, according to CoinShares.

Last week, outflows from investment products into digital assets totaled $79 million, the third consecutive weekly decline and the longest outflow since February 2018. Outflow from Bitcon funds was $89 million, while Ethereum (ETH) products fell by 1.9 dollars. Million.

To date, Bitcoin investment products have generated more than $4.1 billion in net inflows. Meanwhile, Ether products have raised $992 million since early 2021.

The decline in multi-asset investment products containing a basket of cryptocurrencies slowed last week, posting $10 million in inflows. The data showed that the flow of these funds this year amounted to 351 million dollars.

RELATED: Ethereum Investment Products Scores Biggest Weekly Churn – CoinShares

Institutional cryptocurrency buying has slowed in recent weeks as portfolio managers continue to track sharp drops in asset values. Bitcoin is currently weakening below $33,000 after rebounding 50% from its May high. The total market capitalization of all cryptocurrencies fell below $1.4 trillion on Monday, nearly half of last month’s high.

While the on-chain settlements appear to show positive signs below that Bitcoin is being caught by the long-term holders at the expense of the newer wallets, market sentiment remains significantly bearish due to the negative headlines. China’s ban on bitcoin mining, the ill-fated bitcoin “cross” and the giant grayscale opening of bitcoin in July are just a few of the headlines weighing on investor sentiment.

Source: CoinTelegraph