Institutional investor interest in bitcoin has mostly fluctuated over the past month. As the market went through the different bull and bear market phases, investor sentiment went through positive and negative. Over the past week, however, it appears the latter has finally won as the outflows have rocked bitcoin, even at a time when the digital asset has done a relatively good job holding over $20,000.
Bitcoin sees $21 million in outflows
CoinShares’ most recent institutional investor investment report shows a unique perspective on how big money is looking at the crypto market. After having a fairly good month of inflows in July, the trend has now reversed as bitcoin sees some of the largest weekly outflows it has seen in recent months.
Bitcoin outflows for the past week came in at $21 million, the largest since the start of the month. This isn’t the first, however, as this is the second week of consecutive releases for the digital asset, totaling $29 million in releases since the start of the month.
Bitcoin wasn’t the only asset to experience outflows for the week. Digital investment products also saw outflows of $17 million for the same period. It is evident that institutional sentiment is leaning towards the negative when it comes to the crypto market.
BTC falls below $24,000 | Source: BTCUSD on TradingView.com
Institutional investors are not completely bearish
Bitcoin and digital investment products had seen outings for the week, but that was not the case overall. There are other assets that saw inflows, albeit minor, for the week. One of them was the bitcoin short which saw inflows of $2.6 million last week.
Blockchain stocks also saw inflows of $8 million for the same period. This is a positive improvement for this asset class, given that inflows have slowed over the past two months, bringing year-to-date inflows to a meager $15.5 million.
Altcoins also saw entries for the week, albeit across a wide variety of altcoins. A total of $3.9 million was invested in these altcoins, and Uniswap was the only notable outperformer in the list with inflows of $100,000. This shows how much inflows have slowed in these altcoins as well.
Most inflows came from across the pond in Europe, while the majority of outflows came from exchanges in North and South America. It is therefore safe to say that the sentiment is not consistent across regions. The exits show that US investors are more bearish than their European counterparts.
Featured image from CNBC, chart from TradingView.com
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