Institutional investors sold their Bitcoin, Ethereum, and other crypto investments at a record pace last week — right before a significant price rally.
Crypto investment products saw $255M in net outflows, the fifth consecutive week of losses. Then over the weekend, BTC rallied from $19,662 on Friday to $25,959 on Tuesday, a 32% jump.
- The outflows wiped out all the inflows from 2023, leaving the net amount at $82M in outflows for the year.
- BTC was hit hardest with outflows of $243.5M. ETH saw $11M in outflows.
- Not all currencies suffered losses, as a few had modest gains. SOL saw $400,000 in inflows, while XRP had $300,000 and MATIC had $100,000.
- The weekend's crypto price gains came amid uncertainty in the banking sector, with rapid failures of Silvergate Bank, Silicon Valley Bank, and Signature Bank between Wednesday and Sunday.
