- Digital investment products saw outflows of $54 million last week.
- While investors focused their attention on BTC and short-BTC, altcoins logged inflows
Outflows from digital asset investment products totaled $54 million last week, bringing the third consecutive week of outflows to $200 million, CoinShares found in a report published on 15 May.
Read Bitcoin’s [BTC] Price Prediction 2023-24
Per its previous report, CoinShares had noted that the continued exit of liquidity from digital asset investment products was due to the negative sentiments ravaging the general cryptocurrency market. As negative sentiments lingered last week, even more divestments were made, with a notable portion of those outflows related to Bitcoin [BTC].
According to CoinShares, the $54 million in outflows from digital asset investment products recorded last week represented 0.6% of total assets under management (AuM). As the market trended downwards, causing the prices of crypto assets to fall, total AuM fell by “13% since their mid-April peak.”
As BTC remains in the $27,000 price range, investment withdrawal climbs
In its report, CoinShares found that “investors focus(ed) on Bitcoin,” as the king coin logged outflows totaling $38 million last week. This represented 70% of the total monies removed from investment products during that period. Moreso, this figure brought the coin
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Author: Abiodun Oladokun
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