- Litecoin, Avalanche see inflows even as crypto outflows hit 5th consecutive week
- Bitcoin represented most of the negative sentiment with $33 million worth of outflows.
- Germany lead in terms of regions with 73% of the total outflows.
Indeed, the inflows into exchange traded funds and other products for LTC and AVAX mirrored a broader outlook for altcoins – except for Ethereum which recorded $1 million in outflows. Avalanche and Litecoin saw $0.7 million and $0.3 million respectively.
Elsewhere, Blockchain equity ETFs accounted for minor outflows of $2 million to see the second consecutive week of negativity.
Bitcoin sees $33 million in outflows
According to data from digital assets manager CoinShares, digital asset investment products saw outflows totaling $32 million for the week ending May 19. This represented the fifth consecutive week of outflows, with the total outflows over the past five weeks rising to $232 million, or 0.7% of total assets under management.
Volumes for the week were also down, totaling $900 million, or roughly 40% below 2023 average. Data shows volumes for the broader market across the leading trusted exchanges fell to their lowest level of $20 billion last week. It is the worst week in terms of volume since late-2020. As CoinJournal reported here, crypto volumes have dried up in recent months as prices struggled with sell-off fears.
The outflows in Bitcoin of $33 million represented most of the negative sentiment, CoinShares data showed. This has been the trend over the last five weeks and was also replicated across short-bitcoin products.
Per CoinShares, short bitcoin products saw minor outflows of $1.3 million for the week. The total outflows for short BTC investment products now total $235 million for the last five weeks.
Germany dominated last week’s outflows
Regionally, Germany dominated the outflows, totaling $24 million, accounting for 73% of total weekly outflows. The US and Switzerland followed with $5 million and $3.3 million respectively. Meanwhile, Brazil and Canada saw minor inflows of $1.3 million and $2.2 million.