Institutional crypto funds see a fifth consecutive week of outflows! What could be the reasons behind this? Read more here -
According to the CoinShares Digital Asset Fund Flows weekly report on May 22, there was an outflow of $32 million for the past week. It is the fifth week in a row where institutional crypto asset funds have been in the red, and the total has reached $232 million.Bitcoin funds represented the most negative sentiment, with $33 million leaving.
“Volumes for the broader market on trusted exchanges hit their lowest level since late-2020 at $20 billion for the week.”In terms of geographic regions, Germany dominated the outflows with 73% of the total representing $24 million. Outflows of $3.3 million were also seen from Switzerland-based institutional funds. The crypto exodus came in the same week as Europe’sU.S. funds had an outflow of $5.5 million for the week, but there was an inflow of $2.2 million in crypto-friendly Canada.
Short Bitcoin funds also saw a minor outflow of $1.3 million for the week leading CoinShares guessing at why: “It is unclear why there is such coordinated negative sentiment for both long and short investment products.”XRPDespite the negative Bitcoin sentiment among institutional investors, BTC hodling has become the primary market narrative, according to Glassnode. In its weekly on-chain report, the analytics provider“What we continue to observe is that the conviction of existing Bitcoin holders remains remarkably high, despite the extreme volatility and immense deleveraging over the last two years.
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