- Litecoin Sees Avalanche Inflows Even As Crypto Outflows Occur For 5th Consecutive Week
- Bitcoin represented the majority of the negative sentiment with outflows worth $33 million.
- Germany leads in terms of regions with 73% of the total outflow.
Litecoin And avalanche Defying the sentiment in the broader crypto investment products market, the last week saw an inflow of some investment products.
Indeed, inflows into Exchange Traded Funds and other products for LTC and AVAX reflect 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 modest outflows of $2 million for seeing a second consecutive week of negativity.
Bitcoin sees $33 million in outflows
According to statistics Digital asset investment products from digital asset manager CoinShares saw total withdrawals of $32 million for the week ending May 19. assets under management.
Volume was also down for the week, totaling $900 million, or about 40% below the 2023 average. Data for the broader market across major trusted exchanges fell to its lowest level of $20 billion last week. This is the worst week in terms of volume since late 2020. As CoinJournal reported HereCrypto volume has dried up in recent months as prices grapple with selloff fears.
clearance in Bitcoin CoinShares data showed that $33 million represented the majority of negative sentiment. This has been a trend over the past five weeks and has been replicated in short-Bitcoin products as well.
According to CoinShares, short bitcoin products saw modest outflows of $1.3 million for the week. Total outflows to short BTC investment products now stand at $235 million for the past five weeks.
Germany dominated last week’s outflow
Regionally, Germany dominated outflows totaling $24 million, which accounted 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.