It’s been a month since the cryptocurrency market is moving to and fro from bullish push and bearish pull. But today the world’s first currency bottomed around $36,000 which has bought the global crypto market down by 7.27% over the last 24hrs trading at $1.68 trillion.
Now this move where the crypto market instead of heading towards a bull market decided to decline drastically has changed the investor’s sentiment. According to a report, in recent weeks the market has experienced a huge outflow of institutional cash.
Huge Cash Outflow In Just A Month
As per Coinshares data, the total amount of money that has moved out of the market due to the withdrawals done by the institutional investors in just a month is around $339 million. As per the data, at the start of 2022, the total withdrawal was $467 million and this indicates a $128 million difference.
According to data, also Bitcoin funds are the one that has seen major withdrawals in June 2021, the withdrawal was $133 million, revealing the huge outflow from the Bitcoin fund.
Now it’s difficult to spot the exact reason for this, but though many see it happening due to the market crash, there are a few speculations that point toward US Federal Reserve reports.
Bears Get Even Stronger!
So this doesn’t stop here, as even the Ethereum funds saw institutional investors’ withdrawal of around $25 million in the last week. This suggests that disappointingly Ethereum has only seen outflows in the last five weeks as the total amount of money that Ethereum has spent is $194 million.
On the other hand, at the press time, the flagship currency has declined drastically trading at $36,404 with a fall of 8.39% over the last 24hrs while Ethereum is changing hands at $2,744 with a plunge of 6.73% in the last 24hrs.
This bearish trend is followed by the other cryptocurrencies which have seen a significant amount of loss in their value.