CoinShares: The crypto market lost $141 million in a week

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In the week ending May 20, investors took $141 million out of cryptocurrencies.

AT CoinShares report It is emphasized that total assets under management (AuM) also reached its lowest level since July 2021 and amounted to $38 billion.

The week before, CoinShares posted its highest weekly cash inflow of the year at $274 million. The cash inflow for the week ending May 13 is driven by investor buying in a downturn, but overall market sentiment is now bearish, the report notes.

Analyst James Butterfill says:

“The market is volatile and investor sentiment also changes frequently. Some see the market as a buying opportunity, but overall sentiment is predominantly bearish.”

Last week, investors took $154 million out of bitcoin-based instruments. However, on a monthly and annual basis, net inflows of $307 million and $187 million, respectively, remain.

Altcoins saw a small outflow of funds from the Ethereum network, with assets such as Cardano and Polkadot showing positive flows totaling $1M each.

Investment products are losing popularity

Meanwhile, the weakness in the stock market has been reflected in Blockchain equity investment products, the category has recorded a $20 million outflow of funds.

But the report notes that “multi-asset investment products (multi-cryptocurrencies) are holding steady with inflows totaling $9.7 million last week.”

Regarding volatile crypto markets, Grayscale CEO Michael Sonnenschein noted at the WEF summit in Davos that such a pullback is not something new in the crypto space.

According to Sonnenschein, crypto markets need to be seen in the context of broader markets, adding: ‎

“You have seen that the rise in US rates has created a lot of volatility in many different asset classes, including cryptocurrencies. However, the sale of tokens did not scare off investors.”

Cumulative market capitalization of cryptocurrencies at the time of writing fluctuates near $1.33 trillion.

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Source: Cryptocurrency

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