Bitcoin, Ethereum and Altcoins Dip As BlackRock, Whales and Institutions Dump Pulls Billions of Dollars From Crypto Markets

Digital asset investment products saw their largest weekly outflows since March, as skepticism over Federal Reserve monetary policy weighed heavily on sentiment.

In its latest Digital Asset Fund Flows Weekly Report, CoinShares says that institutional investors pulled $1.43 billion from crypto investment vehicles last week, with exchange-traded product (ETP) trading volumes surging to $38 billion – roughly 50% above this year’s average.

“Digital asset investment products recorded their first significant outflows in weeks, totalling US$1.43bn, the largest since March. Early in the week, pessimism around the Federal Reserve’s stance drove outflows of US$2bn. However, sentiment shifted later in the week following Jerome Powell’s address at the Jackson Hole Symposium, which was widely interpreted as more dovish than expected, sparking inflows of US$594m.”

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