{"id":51096,"date":"2021-06-25T11:14:45","date_gmt":"2021-06-25T11:14:45","guid":{"rendered":"https:\/\/timestampmag.com\/?p=51096"},"modified":"2021-06-30T11:15:04","modified_gmt":"2021-06-30T11:15:04","slug":"institutional-crypto-selling-has-the-longest-drawdown-stretch-since-2018","status":"publish","type":"post","link":"https:\/\/timestampmag.com\/2021\/06\/25\/institutional-crypto-selling-has-the-longest-drawdown-stretch-since-2018\/","title":{"rendered":"Institutional Crypto Selling has the Longest Drawdown Stretch since 2018"},"content":{"rendered":"<ul>\n<li>The crypto market has witnessed significant digital asset outflows due to selloffs around Bitcoin funds.<\/li>\n<li>In the third week of June 2021, the total outflows by selling digital assets reached $79 million, marking the longest drawdown stretch since February 2018.<\/li>\n<li>The total outflows from Bitcoin funds were $89 million, and Ethereum (ETH) crypto products witnessed a decline of $1.9 million.<\/li>\n<li>China\u2019s ban on Bitcoin mining has weighed down Bitcoin and also Grayscale\u2019s plan of unlocking 16,000 bitcoins in July.<\/li>\n<\/ul>\n<h2>Large Digital Asset Outflows due to Selloff Concentrated on Bitcoin Funds<\/h2>\n<p>A recent report by <a href=\"https:\/\/coinshares.com\/research\/digital-asset-fund-flows\" target=\"_blank\" rel=\"noopener\">CoinShares<\/a> shows significant outflows of digital assets through selling off mainly Bitcoin funds.<br \/>\nThe recent <a href=\"https:\/\/timestampmag.com\/major-crypto-investment-trends\/\" target=\"_blank\" rel=\"noopener\">crypto investment trends<\/a> include selling off crypto funds by institutional managers. Most of the selloffs were concentrated in Bitcoin (BTC) funds, resulting in the sixth consecutive weekly outflows.<\/p>\n<p>The total outflows from the <a href=\"https:\/\/cointelegraph.com\/news\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018\" target=\"_blank\" rel=\"noopener\">invested digital asset reached $79 million<\/a> in the third week of June 2021. This way, it marked the third weekly decline in a row and the longest drawdown stretch since February 2018.<\/p>\n<p>On the other hand, the total outflows from Bitcoin funds reached $89 million, and Ethereum (ETH) crypto products had a decline of $1.9 million.<\/p>\n<h2>YTD Inflows of through Institutional Selling of Bitcoin Products<\/h2>\n<p>The year-to-date investment in Bitcoin products has generated over $4.1 billion in net inflows.<br \/>\nSimultaneously, Ethereum products have reached the $992 million mark since the beginning of 2021.<\/p>\n<figure id=\"attachment_51098\" aria-describedby=\"caption-attachment-51098\" style=\"width: 1920px\" class=\"wp-caption alignleft\"><img fetchpriority=\"high\" decoding=\"async\" class=\"size-full wp-image-51098\" src=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920.jpg\" alt=\"\" width=\"1920\" height=\"1080\" srcset=\"https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920.jpg 1920w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920-300x169.jpg 300w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920-1024x576.jpg 1024w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920-768x432.jpg 768w, https:\/\/timestampmag.com\/wp-content\/uploads\/2021\/06\/business-3194671_1920-1536x864.jpg 1536w\" sizes=\"(max-width: 1920px) 100vw, 1920px\" \/><figcaption id=\"caption-attachment-51098\" class=\"wp-caption-text\">Source: <a href=\"https:\/\/pixabay.com\/illustrations\/business-bitcoin-technology-money-3194671\/\" target=\"_blank\" rel=\"noopener\">Pixabay.com<\/a><\/figcaption><\/figure>\n<p>Various multi-asset funds that have a basket of cryptocurrencies resisted the downtrend in the third week of June by receiving $10 million in inflows.<\/p>\n<p>All of these funds together have now <a href=\"https:\/\/cryptonewsbtc.org\/2021\/06\/22\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018\/\" target=\"_blank\" rel=\"noopener\">generated inflows of $351 million this year<\/a>.<\/p>\n<p>Institutional purchases of cryptocurrencies have slowed down during the past few weeks because portfolio managers have kept tracing a huge decline in asset values.<\/p>\n<h3>Current Market Situation as of June 23, 2021<\/h3>\n<table style=\"height: 169px;\" width=\"325\">\n<tbody>\n<tr>\n<td><span style=\"font-weight: 400;\">BTC<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$34,029.60<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">ETH<\/span><\/td>\n<td><span style=\"font-weight: 400;\">$2,000.85<\/span><\/td>\n<\/tr>\n<tr>\n<td><span style=\"font-weight: 400;\">Ratio<\/span><\/td>\n<td><span style=\"font-weight: 400;\">0.05911<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Currently, investors are trading Bitcoin at $34,029, which recovered marginally after its <a href=\"https:\/\/cryptorobin.com\/institutional-selling-of-crypto-records-longest-streak-since-february-2018\/\" target=\"_blank\" rel=\"noopener\">combined market value declined by 50 percent<\/a> ($1.4 trillion) since it peaked in May.<\/p>\n<p>Although on-chain metrics are showing positive signs of a rebound, long-term asset holders bought Bitcoin holders overlooking newer wallets. Overall market sentiment still has a downward trend because of negative headlines.<\/p>\n<p>Also, after China has imposed a ban on <a href=\"https:\/\/timestampmag.com\/2020\/04\/17\/an-introduction-to-bitcoin-mining\/\" target=\"_blank\" rel=\"noopener\">Bitcoin mining<\/a>, it has weighed down Bitcoin and the impending unlocking of 16,000 bitcoins by Grayscale in July. As a result, the investors\u2019 response seems sluggish.<\/p>\n<h2>References:<\/h2>\n<ul>\n<li><a href=\"https:\/\/cointelegraph.com\/news\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018\" target=\"_blank\" rel=\"noopener\">https:\/\/cointelegraph.com\/news\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018<\/a><\/li>\n<li><a href=\"https:\/\/cryptonewsbtc.org\/2021\/06\/22\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018\/\" target=\"_blank\" rel=\"noopener\">https:\/\/cryptonewsbtc.org\/2021\/06\/22\/institutional-selling-of-crypto-reaches-longest-streak-since-feb-2018\/<\/a><\/li>\n<li><a href=\"https:\/\/cryptorobin.com\/institutional-selling-of-crypto-records-longest-streak-since-february-2018\/\" target=\"_blank\" rel=\"noopener\">https:\/\/cryptorobin.com\/institutional-selling-of-crypto-records-longest-streak-since-february-2018\/<\/a><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The crypto market has witnessed significant digital asset outflows due to selloffs around Bitcoin funds. In the third week of June 2021, the total outflows by selling digital assets reached $79 million, marking the longest drawdown stretch since February 2018. The total outflows from Bitcoin funds were $89 million, and Ethereum (ETH) crypto products witnessed [&hellip;]<\/p>\n","protected":false},"author":15,"featured_media":51097,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[30,115,101,643,370,359,137,157,103,104,5],"_links":{"self":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51096"}],"collection":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/users\/15"}],"replies":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/comments?post=51096"}],"version-history":[{"count":1,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51096\/revisions"}],"predecessor-version":[{"id":51099,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/posts\/51096\/revisions\/51099"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media\/51097"}],"wp:attachment":[{"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/media?parent=51096"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/categories?post=51096"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timestampmag.com\/wp-json\/wp\/v2\/tags?post=51096"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}