- Outflows amounted to a sum of $32 million during the last week.
- Altcoins have seen an increase in inflows.
According to reports, investors have withdrawn a total of $32 million from cryptocurrency investment products, marking the fifth consecutive week of outflows. The withdrawals have reportedly amassed a significant figure of $232 million. This represents 0.7% of the total assets being managed at present.
5th Consecutive week of crypto outflows of US$32m, poor sentiment focussed on BTChttps://t.co/55HiQejp0o
— James Butterfill (@jbutterfill) May 22, 2023
James Butterfill, the Head of Research at Coinshares, observed that, consistent with the trend of the previous five weeks, the majority of negative sentiment was centered around Bitcoin. During the latest week, institutional investors shed a total of $232 million in outflows.
As Bitcoin continues to experience a bearish sentiment, investors have turned their attention to altcoins, resulting in inflows into these digital currencies. Bitcoin‘s performance in the current year has been impressive. With a breakthrough above $30,000 in April, marking its highest point since mid-2022.
Presently, the price of BTC is $27,415.95. And it has recorded a trading volume of $12,703,434,224 over the past 24 hours. CoinMarketCap reports a 2.79% increase during this period.
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