Crypto Market Struggles as Institutional Investors Sell-Off and Interest Wanes

Institutional investors sold off $62 million in crypto holdings last week, with Bitcoin and altcoins suffering major outflows for the seventh week in a row, according to CoinShares. Tron suffered the biggest hit, with $51 million in outflows, while XRP and Polygon products enjoyed inflows of $0.6 and $0.4 million, respectively. Short Bitcoin products saw even more outflows at $6.3 million, but CoinShares believes this is due to investors taking profits and exiting short positions rather than a structural downshift in sentiment for the asset.