Digital asset funding merchandise have witnessed outflows for the fifth consecutive week as bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, has traded down in Might.
Outflows final week got here to $32 million, pushing the overall through the streak to $232 million, based on a report from CoinShares. Buyers withdrew $33 million from bitcoin merchandise alone final week, which means BTC funds but once more dominated the outflow – as they’ve all through the five-week interval.
Bitcoin has soared this 12 months, surpassing $30,000 in April for the primary time since mid-2022. Nevertheless it’s struggled since then and now trades under $27,000.
“It’s unclear why there may be such coordinated detrimental sentiment for each lengthy and brief funding merchandise,” CoinShares mentioned, noting that even merchandise that brief BTC noticed an outflow of $1.3 million final week.