March 13, 2023 5:39 PM | 1 min read
Digital asset investments have seen a considerable decrease in the past five weeks, with outflows reaching a record high of $255 million, which is equal to 1.0% of total assets under management (AuM).
According to a report by Coinshares, while this is the greatest outflow of funds ever, the percentage of outflows relative to total AuM was higher in May 2019, at 1.9%.
The negative sentiment was observed across the board, both in North America and Europe.
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However, the U.S. was an exception to the trend, with inflows of $11 million, mainly into Bitcoin (CRYPTO: BTC) long positions.
Despite the growth in AuM since May 2019 (816%), the outflows have canceled out all the inflows this year, with outflows now standing at $82 million year-to-date.
Being the largest digital asset, Bitcoin saw the most significant outflows of $244 million last week.
Short bitcoin positions also experienced outflows of $1.2 million.
Ethereum (CRYPTO: ETH) also saw outflows of $11 million last week, raising its year-to-date outflows to $3 million.
Smaller altcoins, such as Solana (CRYPTO: SOL) and Ripple (CRYPTO: XRP) had minor inflows of $0.4 million and $0.3 million, respectively.
