(Bloomberg) -- Despite wins against the US Securities and Exchange Commission and new Bitcoin ETF filings, investors withdrew nearly half a billion dollars from cryptocurrency products over the last nine weeks.
The crypto market saw outflows totaling $54 million last week, making it the fifth consecutive week of selloffs, according to a new report by CoinShares. Bitcoin comprised 85% of outflows, reaching $45 million.
“A lot of investors are concerned that the crypto market has seen some good news in recent months and it has not helped the Bitcoin and others to rally at all,” Matt Maley, chief market strategist at Miller Tabak + Co., said in an email.
Last week, Bitcoin had its first weekly gain since August after a four-week decline, gaining about 2% the week prior. The weekly gain came as Bitcoin rebuilt its correlation with technology stocks. Bitcoin rose as much as 3.7% on Monday to $27,419.
Read More: Bitcoin Is Headed for Its First Weekly Gain Since August
Elsewhere, Ethereum saw outflows totaling $4.8 million last week, despite seemingly attractive investment fundamentals and high demand for its staking yield. Alternative coins such as Binance and Polygon saw minor outflows totaling $300,000 each.
“When institutional investors are looking for asset classes that will help them in terms of performance in the last three or four months of the year, they’re not looking at cryptocurrencies anymore,” Maley said.
©2023 Bloomberg L.P.