Cryptocurrency investment products logged outflows for the fifth consecutive week as negative sentiment continued to focus on bitcoin (BTC-USD), according to a report by CoinShares released on Tuesday.
Investors dumped $33M from such vehicles for the week ended May 26, with bitcoin (BTC-USD) funds accounting for most of the capital flight.
Short-bitcoin products, though, saw outflows of $1.3M for the week. And altcoins, with the exception of ethereum (ETH-USD) ($1M outflow), experienced inflows.
During the week, bitcoin (BTC-USD) and ethereum (ETH-USD) each posted a modest decline of 1.3%, while the stock market garnered a 0.3% gain amid U.S. debt-ceiling drama.
For the broader market, the report said, trading volumes “on trusted exchanges hit their lowest level since late-2020 at US$20bn for the week,” in a sign that investor sentiment continued to be hampered by macroeconomic and industry-wide headwinds.