According to a new update from CoinShares, institutional investors sold a total of $414 million worth of Bitcoin and crypto assets in one week.
It to notice the first sell-off in five weeks due to concerns about the long-running conflict in Iran and higher inflation.
The US led the outflow with $445 million. Switzerland recorded a small outflow of $4 million.
Germany and Canada bought the dip, adding inflows of $21.2 million and $15.9 million, respectively.
Ethereum suffered the heaviest losses with an outflow of $222 million, bringing this year’s outflow to a net outflow of $273 million.
Bitcoin saw an outflow of $194 million, but is still seeing an inflow of $964 million this year. Short Bitcoin products generated another $4 million inflows.
Solana recorded outflows of $12.3 million. XRP was one of the few winners with an inflow of $15.8 million.
The sell-off brought total assets under management to $129 billion.
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