On a day when bitcoin fell 14%, institutional investors tuned into the cryptocurrency’s rise could be among the biggest losers. During June 13, the price of BTC fell from a high of $28,240 to a low of $23,458.
Last week’s statistics showed that institutional investors are largely losing interest in bitcoin and etherium. The ongoing collapse of cryptocurrencies, which was triggered by the collapse of coins from the Terra ecosystem, has triggered tremendous selling activity.
Last week, total outflows from BTC funds totaled $57 million; since the beginning of the month, the figure has been $91 million.
Ethereum also witnessed a massive sell-off, impacted by The Merge delay and the cancellation of stETH’s peg to ETH. Institutional outflows totaled $41 million, bringing the total to $387 million since the beginning of the year.
Monday’s huge price drop had a direct impact on the overall cryptocurrency market. MicroStrategy, which is the largest institutional holder of bitcoins, saw its share price decline.
Data on publicly traded bitcoin companies shows huge losses, with MicroStrategy (down 129,218), Tesla (down 42,902) and the Central American country of El Salvador (down 2,301) collectively losing $1.39 billion in BTC.