Institutional Crypto Outflows Hit $1,170,000,000 As Investors Sell BTC and Ethereum, Buy Solana and XRP

New data shows digital asset funds faced $1.17 billion in outflows last week as institutional investors pulled back amid market jitters.

CoinShares says Bitcoin led the rout with $932 million in sales while short Bitcoin products drew $11.8 million, which is the highest number since May.

Ethereum recorded $438 million in outflows, while Solana added $118 million and XRP added $28 million.

CoinShares points to a couple of factors driving continued overall outflows.

“… Negative sentiment pervaded the markets due to ongoing gyrations in the crypto markets following the 10th of October liquidity cascade and uncertainty over a December interest rate cut in the US.”

Regionally, the US dominated outflows at $1.22 billion.

In contrast, Germany and Switzerland posted inflows of $41.3 million and $49.7 million, respectively.

Trading volumes spiked to $43 billion with a mid-week rebound on shutdown optimism before Friday’s reversal crushed sentiment.

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The post Institutional Crypto Outflows Hit $1,170,000,000 As Investors Sell BTC and Ethereum, Buy Solana and XRP appeared first on The Daily Hodl.