The recent sharp sell-off in Bitcoin and other cryptocurrency markets led to a $528 million outflow from institutional cryptocurrency funds. This outflow was driven by significant outflows from large funds such as Grayscale, following increased institutional interest, especially after the Spot Bitcoin ETF approval. While there were large outflows from Grayscale funds, interest in other ETF providers remained at lower levels. Outflows of $400 million in Bitcoin and $146 million in Ethereum were recorded. Institutional investor interest in altcoins such as Solana, Litecoin and Ripple declined, but Solana saw outflows of $2.8 million, Litecoin saw inflows of $200,000 and XRP saw inflows of $400,000.
Regionally, the vast majority of outflows were in the US, totaling $531 million. Germany and Hong Kong similarly saw outflows of $12 million and $27 million, respectively. In contrast, Canada and Switzerland took the fall in prices as a buying opportunity and recorded inflows of $17 million and $28 million, respectively.
