##  [# 5 Straight Weeks of Digital Asset Outflows](/sections/features/5-straight-weeks-digital-asset-outflows) 

 

# 5 Straight Weeks of Digital Asset Outflows

 

 

The $33 million of outflows in bitcoin last week represented most of the negative sentiment.



 

 

 

 

 [![JamesButterfill310x310](/sites/default/files/styles/author_image_icon/public/2023-08/JamesButterfill310x310.png?itok=uNqgiAyR)](/contributors/james-butterfill) 

[By James Butterfill](/contributors/james-butterfill)

 May 22, 2023

 Edited by: Lisa Barr

 

 

     Share  <a class="a2a a2a_button_email"> Email </a><a class="a2a a2a_button_linkedin"> LinkedIn </a><a class="a2a a2a_button_facebook"> Facebook </a><a class="a2a a2a_button_x"> X (Twitter) </a> 

 

 

 

 

 

 

 

 

  
            googletag.cmd.push(function() {
                googletag.display('js-dfp-tag-article_page_302x26');
            });
    
    

 

 

  

 



 

 

  Loading 

 

 



 

 

**Takeaways**

- Digital asset investment products saw outflows totalling US$32m, representing the 5th consecutive week of outflows totalling US$232m.
- The outflows in Bitcoin of US$33m represented most of the negative sentiment, as it has done over the last 5 weeks.
- Altcoins, with the exception of Ethereum (US$1m outflow), saw inflows, most notable of which were Avalanche and Litecoin.

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_1.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_Table1.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_Table2.png)

Digital asset investment products saw outflows totalling US$32m, representing the 5th consecutive week of outflows totalling US$232m (0.7% of total assets under management). Volumes totalled US$900m for the week, 40% below this year’s average. Volumes for the broader market on trusted exchanges hit their lowest level since late-2020 at US$20bn for the week.

Regionally, Germany dominated the outflows, totalling US$24m, representing 73% of all outflows. The US and Switzerland followed with US$5m and US$3.3m respectively, while minor inflows were seen in Brazil (US$1.3m) and Canada (US$2.2m).

The outflows in Bitcoin of US$33m represented most of the negative sentiment, as it has done over the last 5 weeks. Short-bitcoin also saw minor outflows of US$1.3m for the week. Combined outflows for these investment products now total US$235m over the course of the last 5 weeks. It is unclear why there is such coordinated negative sentiment for both long and short investment products.

Altcoins, with the exception of Ethereum (US$1m outflow), saw inflows, most notable of which were Avalanche and Litecoin at US$0.7m and US$0.3m respectively.

Blockchain equity ETFs saw minor outflows for the second consecutive week of US$2m last week.

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_2.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_3.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_4.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_5.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_6.png)

![](https://www.etf.com/sites/default/files/2023-05/5StraightWeeksDAO_7.png)

*Contact James Butterfill at* [*research@coinshares.com*](mailto:research@coinshares.com "Follow link")



 

 

 [ James Butterfill Head of Research and Investment Strategy ](/contributors/james-butterfill) 

 

 

  James Butterfill has over 19 years of experience in fund management, investment banking, economics and asset allocation, gained most recently as an…   [View Bio](/contributors/james-butterfill)

 



 

 


 Related Topics  [Crypto](http://www.etf.com/topics/cryptocurrency) 

 [Bitcoin](http://www.etf.com/topics/bitcoin)