CoinShares reported in another weekly market review that institutional investors have withdrawn funds from cryptocurrency trusts for the fifth week in a row.
Between May 15 and May 19, $32 million in assets were withdrawn from cryptocurrency investment trusts.
Total outflows over the past five weeks amounted to $232 million. Like last week, the vast majority of the money withdrew from bitcoin products – $32.7 million.
Another $1.3 million withdrawn from the funds to short BTC. The ether trusts also showed a negative trend, with $1 million withdrawn.
Other cryptocurrency funds reported either a positive balance or no change. For example, multi-currency trusts raised $1.6 million. Litecoin ($0.3 million) and XRP ($0.2 million) funds also saw small inflows.
Interestingly, Germany was again the leader in withdrawals, with German investors withdrawing $24.1 million in assets.
Another $5 million was withdrawn from the U.S. by institutionalists. Swiss investors withdrew $3.3 million, and clients of funds from Sweden withdrew $3 million.
Canada and Brazil were positive ($2.2 million and $1.3 million, respectively). The total capitalization of cryptocurrency funds for institutional investors is $34.2 billion.
Recall that a week earlier the outflow of funds from investment products was $54 million.