On Might 2, European cryptocurrency investment agency CoinShares printed its newest “Digital Asset Fund Flows Weekly Report,” which stated that the digital asset market skilled bearish sentiment for the second consecutive week, leading to outflows totaling $72 million. The report famous that the bearish sentiment could possibly be attributed to the likelihood of additional curiosity rate hikes by the US Federal Reserve this week.
In accordance with the report, crypto market funds skilled outflows throughout all geographies and suppliers, notably in Germany and Canada, the place outflows reached $40 million and $14 million, respectively.
Bitcoin (BTC) recorded the biggest outflows at $46 million, with short-Bitcoin additionally experiencing outflows of $7.8 million, its highest determine since December 2022. Regardless of the latest outflows, short-Bitcoin continues to steer in inflows for the 12 months, with web inflows of $119 million. In the meantime, Ether (ETH) merchandise noticed outflows amounting to $19 million, marking the largest weekly outflows since the Merge in September 2022.
On a constructive notice, a small variety of altcoin funds skilled minor inflows, with Solana (SOL), Algorand (ALGO) and Polygon (MATIC) every gaining lower than $1 million in capital flows.
Blockchain equities additionally skilled unfavourable sentiment, leading to outflows of $2.5 million final week, though the year-to-date web flows stay constructive at $27 million.
CoinShares researcher James Butterfill authored the report. He wrote, “Volumes stay subdued for the broader crypto market (50% lower than 12 months common) whereas ETP [exchange-traded products] investment product volumes at US$1.7bn for the week are 16% above the 12 months common.”
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Though Bitcoin has skilled vital value fluctuations over the previous week, leading to $340 million price of leveraged BTC futures contract liquidations, the BTC price has increased 72% this 12 months, outperforming the S&P 500 index’s 9% acquire.
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