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Digital assets lose their shine as $156 million flows out in third consecutive week

Press Releases Crypto News AMB-Crypto Digital assets lose their shine as $156 million flows out in third consecutive week

Digital investment products saw outflows of $54 million last week.
While investors focused their attention on BTC, altcoins saw no major traction.

Outflows from digital asset investment products totaled $54 million last week, bringing the third consecutive week of outflows to $156 million, CoinShares found in a report published on 9 May.

In the last three weeks, as negative sentiments ravaged the general cryptocurrency market, there were significant outflows from investment products. A notable portion of those outflows were related to Bitcoin [BTC].

Source: Coinshares

Interestingly, while the past few weeks were marked by outflows, Coinshares noted:

“Volumes for the broader digital asset industry remain half of what they were at the beginning of the year, while volumes in investment products are 16% above their year-to-date average.”

This meant that investment products related to digital assets remained relatively active compared to the rest of the industry despite several weeks of outflows from this asset class.

As sentiment remains sour, BTC sees increased liquidity exit

According to CoinShares, “Bitcoin was again the primary focus from investors,” as the king coin logged outflows that totaled $32 million last week.

This accounted for 59% of the total outflows recorded during the same period. The additional $32 million in outflows brought the leading coin’s year-to-date outflows to $46 million.

As investment in the U.S. market “turned markedly positive” with inflows of $18 million from that region, short-bitcoin investment products recorded their largest weekly outflows of $23 million last week

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Author: Abiodun Oladokun

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