Institutional crypto asset funds have experienced their fifth consecutive week of outflows, according to the CoinShares Digital Asset Fund Flows weekly report on May 22. The total outflow has reached $232 million, with an outflow of $32 million for the past week. However, the outflow was lower than the previous three weeks. Bitcoin funds represented the most negative sentiment, with $33 million leaving. Ethereum funds, by comparison, only lost $1 million in outflows. The report noted that volumes totaled $900 million for the week, which is 40% below this year’s average. In terms of geographic regions, Germany dominated the outflows with 73% of the total representing $24 million. Outflows of $3.3 million were also seen from Switzerland-based institutional funds. The crypto exodus came in the same week as Europe’s MiCA crypto legislation was approved. U.S. funds had an outflow of $5.5 million for the week, but there was an inflow of $2.2 million in crypto-friendly Canada. Brazil also saw minor inflows of $1.3 million. Despite the negative Bitcoin sentiment among institutional investors, BTC hodling has become the primary market narrative, according to Glassnode. Digital asset markets are still consolidating with a 2.7% gain on the day to keep them range-bound. Total capitalization is back to $1.19 trillion, continuing the sideways momentum of the past fortnight. Bitcoin has added 2.5% to reach $27,400, but there is resistance just above it at $27,600. Meanwhile, Ethereum is up 3.2% to $1,860 at the time of writing.