Investors lose faith in crypto as Bitcoin, Ethereum undergoes historic exodus

Digital asset investment products outflowed for the fifth consecutive week, reaching a record high of $255 million, equivalent to 1.0% of total assets under management (AuM).

Coinshares reported that while the outflow was the largest on record in dollar terms, the outflow as a percentage of total AuM was higher in May 2019, accounting for 1.9% of AuM.

Negative sentiment was widespread, with negative sentiment seen in both North America and Europe.

However, the US stood out with $11 million inflows, mostly longs. Bitcoin (Crypto: BTC).

Despite the increase in total AuM since May 2019 (816%), outflows wiped out all inflows this year, with current outflows reaching $82 million year-to-date.

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Bitcoin, the largest digital asset, is the main focus and last week saw a total outflow of $244 million.

Short bitcoins also saw a total outflow of $1.2 million.

ethereum (CRYPTO: ETH) also saw a total outflow of $11 million last week, but it also turned negative year-to-date, but remained much smaller at $3 million.

Other altcoins saw minor inflows, including: Solana (CRYPTO: SOL) $400,000 and ripple $300,000 in (CRYPTO: XRP).

The recent trend of outflows from digital asset investment products may reflect growing concerns among investors about the volatility of these assets, according to the report.

It should be noted that there are still many investors who are bullish about the long-term prospects of digital assets. This is reflected in the inflows we see in certain regions such as the United States.

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