Litecoin and Avalanche see inflows but Bitcoin outflows rise
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.
Litecoin and Avalanche recorded some investment products inflows last week, defying sentiment across the broader crypto investment products market.
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.