According to data provided by CoinShares, Bitcoin outflows from numerous investment products have reached $487 million in 2021.

Over the past week, intuitional investors trimmed their exposure by yet another $890 million. Bitcoin has now recorded six weeks of outflows in a row.

Institutions are growing increasingly disinterested in the largest cryptocurrency after it was dropped by Tesla due to environmental concerns.

China is adding more fuel to the fire by banishing Bitcoin miners and stepping up its ban on crypto trading.

Bitcoin is changing hands at $32,637 at the time of writing on the Bitstamp exchange after plunging to $31,163.