A CoinShares report has it that global digital asset fund outflows totalled $102 million last week.
Bitcoin outflows last week stood at $57 million while Ethereum also saw outflows totalling $41 million last week.
Last week marked the first week of outflows from digital asset funds, following back to back weeks of inflows in which institutions “bought the dip.”
A digital asset fund is an investment vehicle structured to provide exposure to digital assets for traditional investors, without requiring them to hold the assets in question.
America accounted for the majority of outflows from funds last week, at $98 million versus $2 million from Europe, indicating rising instability in the American market.
Multi-asset funds also faced outflows of $4.7 million last week, bringing total month-to-date outflows to $3.6 million.
The leading cryptocurrencies have continued to slip in recent days. Bitcoin is down 2.2% in the last day and is trading hands at around $22,400. Ethereum is trading at around $1,210, up around 1.6% over the past 24 hours.