For the fifth week in a row, crypto outflows surpassed inflows.
An unenthusiastic outlook towards Bitcoin (BTC) continues to weigh heavily on institutional investors' sentiment towards digital assets, leading to the fifth consecutive week of outflows in digital asset investment products.
CoinShares' "Digital Asset Fund Flows Report," released on May 22nd, reveals a further $32 million outflow from cryptocurrency funds in the week from May 15th to May 19th.
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In particular, the five-week period from April 21st to May 19th saw BTC's price dwindling by approximately 4.8%, closing at $26,842.
At the time of writing, Bitcoin (BTC) retails for $27,342.09, recording a 2% increase in the last 24 hours.
James Butterfill, CoinShares Head of Research, observed that the lackluster sentiment, much like the trend over the past five weeks, revolved around Bitcoin.
Butterfill highlighted that in 2023, Bitcoin investment products had seen outflows of $112 million, with 90% of these occurring in May alone.
Despite significant BTC product outflows in the recent week, inflows to multi-asset products ($1.6 million), Litecoin (LTC) products ($300,000), and XRP products ($200,000) provided some offset.
Short-Bitcoin funds witnessed the second-largest outflow for the week with a reduction of $1.3 million, closely followed by Ether (ETH) products at $1 million.
From a geographical perspective, Germany spearheaded the outflows with $24.1 million for the week, followed by US-based crypto exchanges at $5 million.
It is worth noting that following the massive outflows, the Crypto Fear and Greed Index keeps fluctuating around 50, indicating "Neutral" market sentiment.
The unrelenting outflows underscore the less-than-favorable sentiment toward Bitcoin among institutional investors. Despite some pockets of inflows, the overall trend indicates a period of uncertainty in the crypto market. As the community anticipates potential market triggers, it remains to be seen if the trajectory of these outflows will reverse in the coming weeks.