It looks like institutional investors have made a massive move that hurt one of the ETH rivals. Check out the latest reports about this below.

ETH rival gets hit by a massive financial move

According to CoinShares, a digital assets manager, institutional investors are most likely cashing out on the markets due to the continuous outflows of Bitcoin (BTC) and altcoins for the seventh consecutive week.

According to CoinShares’ most recent Digital Asset Fund Flows Weekly Report, institutional investors divested $62 million worth of crypto assets in the past week, which is comparable in magnitude to the significant sell-offs witnessed early in the year.

“Digital asset investment products saw outflows totaling US $62 million, marking the 7th consecutive week of outflows that now totals US $329 million, representing 1% of total assets under management (AuM).”

The same notes continued and revealed the following:

“From a proportional perspective, this now matches the run of outflows seen at the beginning of 2022.”

According to CoinShares, both BTC and Ethereum (ETH) experienced outflows of $2.7 million. Additionally, short Bitcoin products, which seek to benefit from a decrease in BTC value, had even larger outflows of $6.3 million.

“While the absolute outflows for short-bitcoin are smaller, the total outflow over the last 6 weeks represent 44% of total AuM, compared to just 0.9% for long-bitcoin. This implies investors have been taking profits and exiting short positions rather than implying a structural downshift in sentiment for the asset.”

According to CoinShares, Tron (TRX) experienced the largest outflow among all digital market spaces last week, resulting in a loss of $51 million.

“Tron, the smart contracting platform, was the primary focus, seeing outflows totaling US $51 million last week, representing 70% of total AuM. We believe this was a single investment product provider removing seed capital rather than anything more ominous.”

Stay tuned for more news from the crypto space and make sure to check out the markets as well.