Bitcoin (BTC) Leads Crypto Mutual Fund Outflows for Fifth Consecutive Year: CoinShares

As Bitcoin (BTC), the world’s largest cryptocurrency by market cap, traded negatively in May, digital asset investment products saw outflows for the fifth consecutive week.

According to a report by CoinShares, outflows totaled $32 million over the past week, bringing the total during the streak to $232 million. In the past week alone, investors have withdrawn $33 million from bitcoin products, meaning BTC funds have once again dominated the outflow as they have throughout the five-week period.

Bitcoin has surged this year, surpassing $30,000 in April for the first time since mid-2022. But it’s struggled since then, and the price is now below $27,000.

“It’s unclear why there is such coordinated negative sentiment across both long and short investment products,” CoinShares said, noting that even products shorting BTC saw an outflow of $1.3 million last week. dollars recorded.

Altcoins bucked the trend and saw inflows, with the exception of Ether (ETH) which lost $1 million. Avalanche (AVAX) and Litecoin (LTC) saw inflows of $0.7 million and $0.3 million, respectively, last week.

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