$168,000,000 Get Taken Out of Bitcoin and Crypto Markets By Institutions

According to CoinShares, a digital assets manager, last week saw the largest outflows in the crypto markets since March.

The Digital Asset Fund Flows Weekly Report reveals a total loss of $168 million in digital assets, making it the second week in a row of outflows. Check out the latest reports about this below.

The report states that this August’s outflows amount to $278 million, with an exceptionally low trading volume market of investment products trading only $1.3 billion for the week, which is 16% below the year average.

According to CoinShares, the negative sentiment stems from signs that a spot Bitcoin (BTC) exchange-traded fund (ETF) will likely take longer to approve than hoped.

“This negative sentiment we believe is due to the increasing acceptance that a spot-based ETF for Bitcoin in the US is likely to take longer than many expect, with recent delays being announced by the SEC.”

On Tuesday morning, reports confirmed that Grayscale had won its lawsuit against the U.S. Securities and Exchange Commission (SEC).

The court agreed that the SEC was wrong to reject Grayscale’s ETF application. BTC experienced the biggest outflow, losing $149 million.

However, despite this, net flows remain positive for the year at $265 million. Short positions were sold by many investors, resulting in outflows of $4 million last week.

The last 18-week run of outflows accounted for 89% of total assets under management (AuM). Altcoin products such as Ethereum (ETH) and Binance Coin (BNB) lost $16.8 million and $0.2 million, respectively.

Multi-asset products, which invest in more than one crypto asset, saw inflows of $1.2 million. Additionally, XRP, Litecoin (LTC), Cardano (ADA), and Solana (SOL) products saw inflows of $0.5 million, $0.4 million, $0.2 million, and $0.1 million, respectively.

Stay tuned for more news from the crypto space and make sure to keep your eyes on the market as well.