Coinshare: Funds have been outflowing for four consecutive weeks, Ethereum has the largest selling pressure, and Bitcoin market sentiment is seriously divided

According to the latest report released by Coinshare, digital asset investment products have seen outflows for the fourth consecutive week, totaling $44 million. As negative sentiment remains prevalent, weekly net outflows have totaled $313 million, or 0.8% of total assets under management (AuM), since mid-May. This outflow is relatively small compared to the negative sentiment in early 2018, when outflows accounted for 4.9% of total assets under management.

Most of the negative sentiment this week was focused on Ethereum, with net outflows totaling $50 million, the largest net outflow on record. These outflows accounted for about 5% of the $943 million in inflows year-to-date.

Bitcoin also saw a small amount of outflows, totaling $1.3 million, marking the seventh consecutive week of outflows. The flows of funds varied across providers, with some providers seeing large outflows and others seeing inflows, suggesting that investor sentiment towards Bitcoin is not unified and the market is still in a phase of differentiation.

Multiple digital asset investment products continued to buck the trend, with $5 million in inflows last week, indicating that investors continue to favor digital assets but are eager to diversify their digital asset allocations.

Despite the recent weakness in Bitcoin sentiment, trading volumes on trusted exchanges remain high, with daily averages of $10.8 billion so far in 2021, compared to $2.2 billion in 2020.

The report also covers a number of recent data indicators: