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Bitcoin funds experienced their biggest single week of outflows since June 2021

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Institutional investors dumped $133 million worth of Bitcoin (BTC) investment products last week, the biggest week of outflows since June of last year.

According to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, the total outflows from Digital Asset Funds for the week ended the 29th FTT) products.

Outflows from $132.7 million worth of BTC funds over the past week bring month-to-date outflows for April to $310.8 million.

The last time BTC funds saw outflows of this magnitude in a single week was during a strong downtrend in June 2021, driven by major FUDs in the news, including Tesla halting BTC payments for its cars over environmental concerns , and China, which introduced its crypto mining ban.

CoinShares noted in the report that there doesn’t seem to be a strong indicator as to why a similar level of bearish investment sentiment had resurfaced over the past month, but pointed to a few potential factors:

“It’s difficult to pinpoint the exact reason behind this, aside from the aggressive rhetoric from the US Federal Reserve and the recent drop in prices.”

Like many other top assets and various stock market indices, the price of BTC has suffered significantly over the past 30 days, falling about 18.2% and trading at $37,970 at the time of writing. Many observers attribute this to fears that inflation and upcoming Federal Reserve rate hikes will further push BTC’s price higher.

From a broader perspective, total month-to-date (MTD) outflows for all digital asset products tracked by CoinShares totaled $326.1 million, suggesting that institutional investors have been trying to take risks with crypto investing broad front from the table.

“This does not reflect the same downward movement seen earlier this year, although it is close to the $467 million observed outflows. Regionally, outflows were fairly evenly distributed between America at 41% and Europe at 59%,” CoinShares wrote.

Related: 3 reasons why bitcoin price is sticking at $38,000

Bitcoin’s closest competitor for the top spot in crypto, Ethereum (ETH), has also suffered from the bearish sentiment of late, with products offering exposure to ETH posting $25 million worth of outflows and MTD outflows of 82 $.3 million suffered.

At the other end of the spectrum, funds tied to the crypto exchange and FTT of NFT platform FTX saw inflows of $38 million, but since FTT funds are categorized under “Other,” it’s unclear if this is part of a longer trend is. Notably, the price of FTT is also down 24.5% over the past 30 days.

Investment products Terra (LUNA) and Fantom (FTM) also saw smaller inflows of $390,000 and $250,000, respectively.