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Digital asset investment products saw outflows for the fifth consecutive week as bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, traded in May.
Outflows last week amounted to $32 million, bringing 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 once again dominated outflows as they have throughout the five-week period.
Bitcoin has soared this year, topping $30,000 in April for the first time since mid-2022. But it has struggled since then and is now trading below $27,000.
It’s unclear why there’s such coordinated negative sentiment for long and short investment products, CoinShares said, noting that even products that sell 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 in outflows. Avalanche (AVAX) and litecoin (LTC) recorded inflows of $0.7 million and $0.3 million last week.
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