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Bitcoin Drives Fifth Consecutive Week of Outflows from Crypto Investment Funds: CoinShares

Last week Bitcoin , the outflows from crypto investment funds amounted to a total of $32 million, contributing to a cumulative outflow of $232 million over the course of the five-week streak.

In May, as bitcoin (BTC), the largest cryptocurrency by market capitalization, experienced a decline in its value, digital asset investment products have observed outflows for the fifth consecutive week.

According to a report by CoinShares, the outflows from digital asset investment products reached $32 million last week, resulting in a total outflow of $232 million during the five-week streak. Notably, bitcoin products accounted for a significant portion of the outflows, with investors withdrawing $33 million from BTC funds alone. This reinforces the dominance of BTC funds in the outflow trend observed throughout the five-week period. Bitcoin Drives Fifth Consecutive Week of Outflows from Crypto Investment Funds: CoinShares

Bitcoin experienced a remarkable surge earlier this year, surpassing the $30,000 mark in April, a level not seen since mid-2022. However, it has faced challenges since then, and its price has dropped below $27,000, indicating a period of struggle for the cryptocurrency.

Crypto Bitcoin Investment Funds Witnessed Outflows of $32 Million Last Week, Bringing the Total During the Streak to $232 Million

“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.

While the overall trend showed outflows from crypto investment funds, altcoins deviated from this

pattern and experienced inflows, with the exception of ether (ETH) which witnessed outflows of $1 million. Notably, Avalanche (AVAX) and Litecoin (LTC) attracted inflows of $0.7 million and $0.3 million, respectively, during the previous week. Bitcoin Drives Fifth Consecutive Week of Outflows from Crypto Investment Funds: CoinShares

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