BTC Sentiment Has Crypto Universe Seeing 5th Week Of Outflows

0
67
Bitcoin

The sentiments of the institutional investors over digital assets took another hit the previous week, with a poor sentiment revolving around BTC, which led to another week of outflows from digital asset investment products.

According to the latest edition of the Digital Asset Fund Flows Report by CoinShares which was published on 22nd May, the outflows for the crypto funds totaled a sum of $32 million between 15th May and 19th May, which further marks the fifth week of outflows in a row. James Butterfill, the Head of Research at CoinShares, also went on to note that a similar trend had been all the craze over the last five weeks, with most of the negative sentiment revolving around the cryptocurrency. The last week of institutional shedding now equates to around $232 million worth of outflows over the period.

BTC Looking To Increase Its Price As Investor Sentiment Bottoms

When one looked at the five weeks between 21st April and 19th May, the BTC price had declined to around 4.8% to sit at a sum of $26,842. The cryptocurrency is currently for $27,021, according to CoinGecko.

In a 22nd May article, Yashu Gola, a market analyst, went on to suggest that the price of the cryptocurrency had been stuck over the last couple of weeks since the traders sat on the fence and waited for the next big market trigger that would result in a push in the price of the cryptocurrency in either the bearish or the bullish direction. Gola also pointed to the next decision of the Federal Reserve on interest rate hikes, which would occur in June. 

Butterfill went on to note that the BTC investment products had seen close to $112 million worth of outflows over the year, with 90% of the sum coming in May alone, while short Bitcoin products have seen a sum of $34.8 million worth of outflows over May.