Institutions Withdraw Funds From Bitcoin-Based Products

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Institutional investors have withdrawn more than $ 140 million from Bitcoin-based investment products over the past week, according to CoinShares, writes RBC Crypto.

A report from the investment company indicates that trading volume in instruments based on the main cryptocurrency in early June decreased by 62%, compared with the average trading activity in May. At the same time, investors increased their investments in products based on Ethereum (+ $ 33 million), Ripple (+ $ 7 million) and Cardano (+ $ 4.5 million).

Since the beginning of 2021, more than $ 4.2 billion have been invested in Bitcoin-based products. At the beginning of June, investments in digital coin-based instruments account for 65% of the total amount of capital locked in cryptocurrency investment products.

Bitcoin is the least attractive asset for institutional investors, Goldman Sachs said. The bank held two roundtables, which were attended by 25 investment directors of hedge funds and funds working only with long positions. 35% of survey participants named bitcoin as the least attractive asset.

Over the past day, the main cryptocurrency has fallen in price by 10%, to $ 32.3 thousand. This happened after the US authorities returned 63.7 bitcoins worth about $ 2.3 million, which were paid by the Colonial Pipeline pipeline company as a ransom to hackers. At 12:10 Moscow time, bitcoin is trading at $ 32.9 thousand.

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