Last week, institutional investors sold $133 million worth of Bitcoin (BTC) investment products, the most in a single week since June of last year.

In specific, the overall digital asset fund outflows for the week ending April 29 were $120.1 million, according to the latest edition of CoinShares’ weekly Digital Asset Fund Flows report, with the massive Bitcoin withdrawals partly offset by an unexpected $38 million inflow for FTX Token (FTT) products.

Last week’s withdrawals from BTC funds were $132.7 million, bringing the month-to-date outflows for April to $310.8 million.

The last time BTC funds witnessed this much outflow in a single week was in June 2021, during a severe negative trend, as a consequence of huge FUD in the news, such as Tesla suspending BTC payments for its automobiles due to environmental concerns and China enacting its crypto mining ban.

CoinShares reportedly stated that there does not appear to be a solid signal as to why a similar degree of adverse investment sentiment revived last month, although it did point to a few of possible factors:

“It is difficult to ascertain the precise reason for this other than the hawkish rhetoric from the US Federal Reserve and the recent price decline.”

The price of BTC, like many other key assets and stock market indices, has dropped dramatically in the last 30 days, down 18.2 percent to $37,970 at the time being. 

Many observers believe this is due to concerns that inflation and the Federal Reserve’s planned interest rate rises would cause the price of Bitcoin to plummet much more.

Overall, month-to-date (MTD) outflows for all digital asset products tracked by CoinShares were $326.1 million, indicating that institutional investors have been attempting to take risk off the table with crypto investments across the board.

Ethereum (ETH), Bitcoin’s closest challenger for the top slot in crypto, has also been hit by adverse sentiment recently, with outflows of $25 million in ETH-related products and $82.3 million in MTD withdrawals.

On the other hand, funds linked to FTX’s FTT, a crypto exchange and NFT platform, received $38 million in inflows, but because FTT funds are classified as “other,” it’s unclear if this is part of a larger trend. Notably, the price of FTT has also dropped 24.5 percent in the last 30 days.