according to Report CoinShares’ latest weekly report was released on May 22, and digital asset investment products ushered in another week of capital outflows. Total withdrawals hit $32 million, the fifth consecutive week of negative sentiment, with total withdrawals reaching $232 million. This figure represents about 0.7% of total assets under management.
Weekly Cryptocurrency Flows | Source: CoinShares
Most of the outflows were concentrated in bitcoin, accounting for $33 million and continuing the trend of the past five weeks. In addition, the Short Bitcoin investment product also saw a small outflow of $1.3 million. Over the past 5 weeks, total outflows from long and short BTC investment products currently stand at $235 million. The report did not provide a clear reason for the negative sentiment surrounding these products.
#Digital Assets Investing product outflows hit $232m for 5th week in a row https://t.co/p7xhwPaZCY
— Kyptos (@azcoinnews) May 22, 2023
All altcoins recorded inflows except for ETH, which had an outflow of $1 million. Notably, Avalanche and Litecoin were the leading altcoins with inflows of $700,000 and $300,000, respectively. Against the backdrop of this negative trend, XRP has shown resilience in times of positive inflows. In the past week alone, XRP saw inflows of more than $200,000, bringing cumulative inflows since the beginning of the year to $3 million.
Asset Cash Flow | Source: Coinshare
The report also highlighted that digital asset investment products saw a total turnover of $900 million this week, 40% below the average for the year. Additionally, broad-cap trading volume on trusted exchanges hit its lowest level since late 2020, totaling $20 billion for the week.
Regionally, Germany accounted for the majority of outflows, totaling $24 million, or 73% of total outflows. The US and Switzerland followed with outflows of $5 million and $3.3 million, respectively. In comparison, Brazil saw a small inflow of $1.3 million, while Canada recorded an inflow of $2.2 million.
In the blockchain stock exchange-traded fund (ETF) space, there were small outflows totaling $2 million for the second week in a row.
These developments reflect the continued volatility and uncertainty in the digital asset market. Investors continued to show cautious and mixed sentiments towards various cryptocurrencies, with bitcoin seeing large outflows and some altcoins showing up. It remains to be seen whether this pattern will continue as the market develops, or whether new factors emerge to influence investor sentiment in the digital asset space?
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according to Kyptos
