For the first time in 7 weeks, Bitcoin and Etherum see heavy outflows worth $110M

ambcrypto.com:

Regulatory hurdles and geopolitics remain at the forefront of investors’ concerns for digital assets. Notably,Bitcoin traded roughly flat over the past 24 hours. In fact, trading volume across major exchanges declined to its lowest level since 19 February. Well, this signals some caution for the traders ahead of the Fed meeting this week. Curiously, altcoin suffered the same fate.

Bitcoin and major altcoins witnessed a sizable exit of money according to the latest weekly CoinShares report. Unfortunately, digital asset investment products suffered outflows of $110M last week. Here, crypto investment products experiencedoutflows over the last week for the first time in seven weeks.

Source:CoinShares

Geographically, North America and Europe saw $80M and $30M outflows that were mainly triggered by the response of U.S. President Joe Biden’s executive order on crypto. Although exact reasons were unclear. Nonetheless, the report stated,

“Regulatory concerns and geopolitics remain at the forefront of investors’ concerns for digital assets.”

BTC experienced the heaviest outflows, with $70 million leaving BTC investment products. Investment products traded US$1bn last week compared to the average US$1.24bn. Thus, representing just 5% of total Bitcoin trading volumes. This scenario was evident from the chart below.

Source: CoinShares

Indeed, a drastic change from the previous report, dated 9 March when Bitcoin was the most popular asset among institutional investors, as almost $100 million funds were moved into it.

Alas, that wasn’t the case here.Ethereum, on a relative basis, saw the second-largest outflows last week. It totaled US$51m outflows year-to-date and represented 1.2% of assets under management. Apart from this, major altcoins