Institutional outflows from cryptocurrency funds intensified last week, a sign that fund managers were still taking profits on their Bitcoin (BTC) holdings following a historic run-up through April.
Digital asset investment products saw cumulative outflows totaling $19.5 million for the week ended Friday, marking the fourth consecutive weekly drawdown, according to CoinShares data.
The bulk of the outflows were concentrated in Bitcoin-focused funds, where assets under management declined by $20 million. That, too, was the fourth consecutive weekly decline. Meanwhile, funds dedicated to Ethereum (ETH) saw weekly outflows totaling $9.5 million.
Related: Ethereum investment products see largest weekly outflows on record — CoinShares
Multi-asset investment products continued to buck the trend as institutional investors increased their allocation by a cumulative $7.5 million. Multi-asset funds have attracted $11.9 million in inflows over the past month. By comparison, Bitcoin funds have seen cumulative outflows totaling $67.8 million over the same period.
As Cointelegraph reported, institutional selling of cryptocurrency in June reached its longest streak since the onset of the 2018 bear market. At the time, the Bitcoin price was hovering around the $32,000 mark following several failed breakout attempts. Sentiment has clearly shifted over the past week, with Bitcoin briefly reclaiming $42,000 before correcting lower.
Institutions continue to have significant exposure to cryptocurrency investments. By Coinshares’ calculation, the major fund providers have a combined $45.1 billion in assets under management. Institutional exposure could rise in the short term if the bullish case for the four-year market cycle is validated.
Related: German law allowing institutional funds to hold crypto comes into effect Aug. 2