According to the CoinShares digital asset funds report, it has been out for the 5th week in a row. Meanwhile, the domain has lost another $32 million in the past seven days. The leading cryptocurrency Bitcoin (BTC) came to the fore with an outflow of $ 33 million. Also, the leading altcoin Ethereum was booming, while Ripple and Litecoin managed to attract funds.
Bitcoin funds hit $33 million last week
According to the latest CoinShares digital asset funds report, digital asset funds have seen money outflows for another week, as we reported on Kriptokoin.com. This has come as the industry faces increasing regulatory pressure. Digital asset mutual funds finished the fifth consecutive week of pessimistic sentiment, posting $32 million outflows the previous week.
The report emphasized that $232 million, which accounts for 0.7% of the total AUM (assets under management), left the market as of mid-April. Meanwhile, with $33 million withdrawn from BTC funds over the past week, BTC has dominated crypto outflows.
Germany recorded the most outflows, representing 73% (or $24 million) of the total figure. It was followed by the USA and Switzerland with $5 million and $3.3 million, respectively. Small figures of $1.3 million and $2.2 million emerged from Brazil and Canada, respectively.
Ethereum loses funds, Litecoin and Ripple withdraw funds
Similarly, short-Bitcoin products also witnessed mild outflows of $1.3 million. CoinShares stated that these investment products have had a total output of $235 million in the past five weeks. He added that it remains unclear why both long and short products maintain the coordinated negative sentiment.
Meanwhile, the leading altcoin Ethereum products also recorded a $1 million exit. On the other hand, other altcoins including Litecoin (LTC) and Ripple (XRP) saw inflows of $0.3 million and $0.7 million, respectively. Let us remind you that digital asset funds witnessed the highest inflow of the last 6 months, 117 million dollars, in the last week of January. This happened as the cryptocurrency market rallied in early 2023.
Is BTC preparing for a bearish wave?
The digital asset fund flow measures the movement of cash into and out of investments. Meanwhile, they can be an impressive indicator of how institutional players are moving their money. Entries indicate optimism among investors, while exits indicate investors’ fear of upcoming market trends.
In this context, the $232 million outflow in the last five weeks indicates the cautiousness among institutional investors. According to experts, the sentiment of Bitcoin will likely suffer in the coming sessions. Thus, it will turn into bearish waves. At press time, BTC is trading at $26,883, losing 0.07% on a daily basis.
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