Bitcoin drops more than 11% with $141.4 million outflows from institutions, the most significant drop in 10 days.
According to coinmarketcap , Bitcoin has dropped 11.19% in the last 24 hours, which is the first time this week it has dropped more than 10%.
Subject to the reduced intensity of the US government’s quantitative easing policy due to the gradual recovery from the Covid-19 pandemic, but also to China’s restrictions on cryptocurrency mining operations and bearish news from other relatives, the price of Bitcoin has risen. recovered weakly and continued to fall. During intraday, Bitcoin traded at $32,627.
Bullish sentiment eased, which intensified selling pressure; starting yesterday at 20:00 UTC, the price dropped from $35,484 to the low of $32,351.
Not just the drop in retail investor sentiment, but institutional investors also saw a decline in demand for Bitcoin (BTC) during the sharp collapse of the cryptoactives market.
According to the Digital Asset Fund Flows Weekly weekly report from analyst firm CoinShares on June 7, institutional investors continue to reduce their long bitcoin positions, net outflow reaching a record $141.4 million last week. .
However, compared to the June 1 report, Bitcoin’s outflow was only $4 million per week. Last week, the reduction in institutional holdings increased dramatically, nearly 35 times last week, marking the biggest single-week outing since 2021.
According to the Coinshares report, despite the sharp drop in turnover of bitcoin products, Ethereum is still relatively strong among investors. Last week, Ethereum continued to see a total inflow of $33.1 million.
As the second-largest cryptocurrency on the market, Ether was trading at $2,514.32, and today’s decline comes in at 9%.
Despite the massive sale of institutions, CoinShares highlighted that departures represent less than a tenth of entries in 2021:
“Outflows represent 8.3% of the net inflows seen this year and remain minimal in terms of outflows seen in early 2018.”
According to statistics, investors turn to Ripple (XRP) and Cardano (ADA) investment products. The total XRP entry is up to $7 million, which is the most significant weekly entry since April and the ADA entry is $4.5 million.
It is important to note that these two types of cryptocurrencies have suffered losses today. Cardano (ADA) fell 11.26% in the last 24 hours. The hardest hit was reduced by 11.40%.