Crypto Market Continues Downward Trend as Institutional Investors Withdraw Funds

The cryptocurrency market has been experiencing a tumultuous period, with significant outflows being recorded in the past week. According to data from CoinShares, the total outflow hit $288 million, marking the fifth consecutive weekly decline. This trend is not limited to Bitcoin, as Ethereum and other altcoins also recorded drawdowns in institutional portfolios.

While this may seem like a bleak outlook for investors, XRP and Solana managed to buck the trend by recording mild inflows. XRP saw $3.5 million in inflows from institutional investors, while Solana recorded $3.3 million. Chainlink also contributed $1.2 million to the general capital inflow crypto funds recorded.

However, these mild inflows were insufficient to offset the record withdrawal of institutional investors. The market price outlook remains a concern for many investors, with Bitcoin having lost a critical support level and altcoins experiencing massive drawdowns.