It has been a month since the cryptocurrency market has been moving from a bullish push and a bearish pullback. But today the world’s first currency is under nearly $36,000, having bought the global crypto market to $1.68 trillion in trading, down 7.27% in the past 24 hours.
Now this move where the crypto market has decided to decline sharply instead of heading towards a bull market has changed the sentiment of the investors. According to a report, the market has experienced a massive outflow of institutional cash in recent weeks.
Huge cash outflow in just one month
According to data from CoinShares, the total amount of funds withdrawn by institutional investors in just one month is approximately $339 million. According to the data, the total withdrawals at the beginning of 2022 were $467 million and this represents a difference of $128 million.
According to the data, the Bitcoin Fund is also the one that has seen large withdrawals in June 2021, with withdrawals amounting to $133 million, indicating a massive outflow from the Bitcoin Fund.
It is difficult to ascertain the exact reason now, but although many attribute it to a market crash, there is some speculation that points to the US Federal Reserve report.
Bears get even stronger!
So it doesn’t stop here, as the Ethereum fund also saw institutional investors withdraw around $25 million in the past week. This shows that disapprovingly, Ethereum has only seen outflows over the past five weeks as the total amount Ethereum spent amounts to $194 million.
On the other hand, at press time, the major currency is down 8.39% over the past 24 hours at $36,404, while Ethereum is changing hands, down 6.73% over the past 24 hours at $2,744.
This bearish trend is followed by other cryptocurrencies that have seen significant amounts of losses in their value.