The latest report from European cryptocurrency investment firm CoinShares shows that there were minor outflows from institutional Bitcoin (BTC) investment products over the past 7 days.

According to CoinShares’ “Digital Asset Fund Flows Weekly” report published on Jan. 22, institutional investors are reducing Bitcoin exposure, with BTC investment products seeing total outflows of $24.7 million this past week.

Capital flows for crypto investment products. Source: CoinShares

The data follows heavy selling amid spot Bitcoin ETF-driven crypto market meltdown, with institutions having withdrawn nearly $21 million from crypto products between Jan. 11 and May 19 before outflows briefly slowed toward the end of last week.

Trade volume for ETF products is also sharply increasing, totaling $11.8 billion over the last week. This represented 63% of all Bitcoin volumes on trusted exchanges, highlighting that ETP activity currently dominates overall trading activity.

Despite digital asset investment products witnessing minor outflows last week, CoinShares highlighted incumbent higher-cost spot issuers in the United States saw massive outflows to the advantage of new issuers.

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CoinShares head of research James Butterfill said,

“Incumbent, higher cost issuers suffered in the U.S., seeing U.S. $2.9bn of outflows, while newly issued ETFs have now seen a total of US$4.13bn inflows since launch.”

“Investors saw recent price weakness as an opportunity to add to short-Bitcoin investment products, seeing U.S. $13m inflows,” the CoinShares report added.

The declining institutional demand for BTC coincided with decreasing institutional appetites for Ether — after Ether (ETH) witnessed outflows of $13.6 million this past week.

This data from CoinShares highlights the impacts of spot Bitcoin ETFs on the cryptocurrency sector, with the total market cap dropping 3.4% over the last 24 hours to $1.59 trillion.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.