Crypto funds endure fifth consecutive week of outflows: CoinShares

Digital asset investment funds experienced a capital flight of $32M last week, CoinShares said in a report Monday, marking the fifth straight week of outflows totaling $232M. Outflows for the week ended May 19 mostly reflected poor sentiment toward bitcoin ( BTC-USD ) funds, with outflows of $33M. Still, short-bitcoin products saw minor outflows of $1.3M, so sentiment didn't appear completely negative. "It is unclear why there is such coordinated negative sentiment for both long and short investment products," the report said. Bitcoin ( BTC-USD ), currently changing hands at $26.88K, slipped 1.1% for the week and 1.7% from a month ago, in the wake of the U.S. debt-ceiling impasse as well as uncertainty surrounding the Federal Reserve's interest-rate path. Last week, J.P. Morgan said in a note that a crypto-price recovery is unlikely as the stablecoin universe dwindles. With the exception of ethereum ($1M outflow), altcoins like avalanche ( AVAX-USD ) ($700K) and litecoin ( LTC-USD ) ($300K) saw inflows . More on the Crypto Market MultiversX: It's An Avoid For Me Ethereum's PulseChain Development: Nothing But A Reminder About Crypto's Value Origin Why Buffett Never Bought Bitcoin: Fundamental Value For Cryptocurrency