Money is being pulled out of big crypto funds as investor sentiment seemingly shifts and the digital asset market as a whole dips.
Last week, investors withdrew over $54 million from large digital asset funds for the fourth consecutive week, digital assets firm CoinShares said in a Monday report. The cash flowed out from large funds designed for accredited investors like Grayscale, 3iQ, and 21 Shares.
This comes as the price of Bitcoin takes a hit: the price of the biggest digital asset by market cap was trading for $27,487 at the time of writing, down nearly 10% in the past 30 days, according to CoinGecko.
After soaring past $30,000 for the first time in 10 months in April, the asset has struggled to stay at such highs. It is still up significantly from the start of the year, however, when it was trading for $16,615. Its market cap currently stands at $531 billion, way down from the $1 trillion it passed back in November 2021.
But investors aren’t feeling too bullish right now, according to CoinShares: those who pulled out cash last week were mainly focused on Bitcoin, with…