Poor bitcoin sentiment prompts fifth straight week of outflows from crypto funds - report

Cryptocurrency investment products logged outflows for the fifth consecutive week as negative sentiment continued to focus on bitcoin ( BTC-USD ), according to a report by CoinShares released on Tuesday. Investors dumped $33M from such vehicles for the week ended May 26, with bitcoin ( BTC-USD ) funds accounting for most of the capital flight. Short-bitcoin products, though, saw outflows of $1.3M for the week. And altcoins, with the exception of ethereum ( ETH-USD ) ($1M outflow), experienced inflows. During the week, bitcoin ( BTC-USD ) and ethereum ( ETH-USD ) each posted a modest decline of 1.3% , while the stock market garnered a 0.3% gain amid U.S. debt-ceiling drama. For the broader market, the report said , trading volumes "on trusted exchanges hit their lowest level since late-2020 at US$20bn for the week," in a sign that investor sentiment continued to be hampered by macroeconomic and industry-wide headwinds. More on the Crypto Market Bitcoin said to trade at discount on Binance Australia vs. rival crypto exchanges Bitcoin Ordinals Are The Latest Web3 Craze: Here's What You Need To Know The Death And Rebirth Of Solana