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Digital asset investment products saw a net outflow of $32 million last week, marking the fifth consecutive week of this downward trend, with the total over this period standing at $232 million (0. 7% of total assets under management), according to a report.
In its weekly report on digital asset fund flows, Coinshares said weekly trading volumes fell to $900 million, a significant drop of 40% from this year’s average volumes.
Broad market trading volumes on trusted exchanges fell to the lowest level since late 2020, coming in at $20 billion for the week.
On a regional basis, Germany led the exodus, accounting for $24 million, or 73%, of total outflows.
The United States and Switzerland lag behind, with outflows of $5 million and $3.3 million, respectively.
Meanwhile, minor inflows were seen in Brazil and Canada, at $1.3 million and $2.2 million, respectively.
Bitcoin BTC/USD accounted for the majority of the negative sentiment, with outflows amounting to $33 million. This trend aligns with the trend seen over the past five weeks.
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Bitcoin short investment products also saw minor outflows, with a weekly total of $1.3 million. Together, these Bitcoin-centric investment product outflows totaled $235 million over the past five weeks.
The reasons for this coordinated negative sentiment towards long and short investment products remain unclear.
With the exception of Ethereum ETH/USD, which saw a minor outflow of $1 million, alternative cryptocurrencies (altcoins) saw inflows.
Notably, Avalanche AVAX/USD and Litecoin LTC/USD lead the pack, with inflows of US$0.7 million and US$0.3 million, respectively.
Additionally, blockchain stock ETFs also reported minor outflows for the second week in a row, totaling $2 million last week.
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Sources 2/ https://www.benzinga.com/markets/cryptocurrency/23/05/32508036/bitcoins-nightmare-continues-investors-flock-to-altcoins The mention sources can contact us to remove/changing this article |
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