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In line with the previous week, cryptocurrency investment funds experienced a net outflow this past week. According to data provided by CoinShares, there was a total net outflow of $32 million from cryptocurrency investment products throughout the week.
33 Million Dollars Outflow from Bitcoin Funds
CoinShares, Europe’s largest digital asset investment firm, reported in its weekly bulletin that figures for the past week for cryptocurrency investment funds were negative, as they had been for the preceding four weeks. The net outflow from cryptocurrency investment products last week was $32 million. This exit marks a total outflow of $232 million from cryptocurrency investment funds over the past five weeks.
Last week, there was a $33 million exit from Bitcoin (BTC) funds, while the largest altcoin, Ethereum (ETH) funds, saw a $1 million outflow. As it has been for the past four weeks, the negative investor sentiment concentrated on Bitcoin funds with an outflow of $33 million. Minor exits of $1.3 million were seen from short Bitcoin investment products throughout the week, while the total exit from long and short Bitcoin investment products over the past five weeks reached $235 million.
Most Exits in Germany
The weekly volume in cryptocurrency investment funds was recorded at $900 million, which is 40% below the yearly average. The total trading volume recorded on reliable cryptocurrency exchanges dropped to its lowest level since the end of 2020, coming in at $20 billion on a weekly basis.
Regionally, Germany accounted for 73% of the exits, or $24 million. The United States and Switzerland followed Germany with $5 million and $3.3 million, respectively, while Brazil ($1.3 million) and Canada ($2.2 million) saw small amounts of entries.
Despite the uncertainty in the altcoin market due to Bitcoin’s situation, there were entries into both Avalanche (AVAX) and Litecoin (LTC) funds last week. Avalanche funds received an entry of $0.7 million, and Litecoin funds saw an entry of $0.3 million.
