Bitcoin Spurs 5th Consecutive Week of Outflows at Investment Funds: CoinShares
Bitcoin Spurs 5th Consecutive Week of Outflows at Investment Funds: CoinShares
Digital asset investment products have witnessed outflows for the fifth consecutive week as bitcoin ( BTC ), the world’s largest cryptocurrency by market capitalization, has traded down in May.
Outflows last week came to $32 million, pushing the total during the streak to $232 million, according to a report from CoinShares. Investors withdrew $33 million from bitcoin products alone last week, meaning BTC funds yet again dominated the outflow – as they have throughout the five-week period.
Bitcoin has soared this year, surpassing $30,000 in April for the first time since mid-2022. But it’s struggled since then and now trades below $27,000.
“It is unclear why there is such coordinated negative sentiment for both long and short investment products,” CoinShares said, noting that even products that short BTC saw an outflow of $1.3 million last week.
Altcoins bucked the trend and witnessed inflows, with the exception of ether ( ETH ) which saw $1 million of outflows. Avalanche ( AVAX ) and litecoin ( LTC ) saw inflows of $0.7 million and $0.3 million last week.
