Crypto-asset (virtual currency) funds posted their fifth straight week of net outflows following the drop in Bitcoin (BTC).
According to CoinShares report, total crypto fund outflows last week amounted to $32 million, and total outflows in five weeks amounted to $232 million. The Bitcoin Fund posted a net outflow of $33 million, indicating that Bitcoin accounted for most of the outflow.
Bitcoin has been on the rise since the beginning of the year, surpassing $30,000 in April for the first time since mid-2022. However, it has since fallen and is now below $27,000.
“I don’t understand why there is so much coordinated negative sentiment for both long and short investment products,” he said, adding that even the short bitcoin product saw net outflows of $1.3 million last week. pointed out.
Altcoins saw a small net inflow, bucking the overall market trend, with the exception of Ethereum (ETH), which saw a net outflow of $1 million. Avalanche (AVAX) and Litecoin (LTC) saw net inflows of $700,000 and $300,000 respectively.
｜Translation: coindesk JAPAN
｜Editing: Takayuki Masuda
| Image: CoinShares
｜Original: Bitcoin Spurs 5th Consecutive Week of Outflows at Crypto Investment Funds: CoinShares
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