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On May 15, European cryptocurrency investment firm CoinShares released its latest “Digital Asset Fund Flow Report,” which states that digital asset investment products have experienced another week of consecutive outflows, with a total of $54 million exiting the market. This brings the “total outflow to $200 million, which is 0.6% of total assets under management (AuM),” according to CoinShares.
According to the report, Bitcoin (BTC) funds recorded an outflow of $38 million. Over the past four weeks, the total outflow of BTC has been $160 million, accounting for 80% of all outflows. In addition, when pooling outflows from short positions in bitcoin, the total value of outflows related to this asset alone reached $201 million. These numbers strongly underscore that recent investor activity has been largely focused on bitcoin.
The report also notes that investments in several assets experienced an outflow of $7 million last week. However, there has been a noteworthy development as there has been an influx in eight different altcoin assets, meaning investors are becoming “more adventurous and selective” in their investment choices.
Among altcoins, funds pegged to Cardano (ADA), Tron (TRX) and Sandbox (SAND) have raised minor inflows of less than $1 million each. Binance (BNB) was the only altcoin to see the outflow.
Related: Bitcoin Offers ‘Good Signs’ as Analysts Maintain $40K BTC Price Target
A recent poll by Bloomberg Markets Live Pulse shows that in the event of a theoretical default in the US, Bitcoin could become one of the top three assets along with gold and US Treasuries. This suggests that interest in Bitcoin as “digital gold” may arise if investors doubt Washington’s ability to avoid default in the long term.
