CoinShares, a digital assets manager, revealed that cryptocurrency products experienced significant outflows for the second consecutive week, totaling $584 million. Institutional investors pulled out $1.2 billion from crypto investment products over the past two weeks, reflecting a sense of pessimism among investors due to the possibility of interest rate cuts by the FED. This trend was also evident in the low trading volumes of Exchange-Traded Products (ETPs) globally, reaching only $6.9 billion for the week, the lowest since the launch of US ETFs in January.
In the previous week, CoinShares reported a loss of $600 million in crypto products. The outflows were primarily from the US and Canada regions, amounting to $584 million, with Germany and Hong Kong losing $24 million and $19 million, respectively. On the other hand, Switzerland and Brazil attracted $39 million and $48.5 million, respectively.
Bitcoin (BTC) led the outflow trend, with $630 million leaving the market. Ethereum (ETH) saw a loss of $58 million, while Cardano (ADA) experienced a minor outflow of $0.3 million. Altcoins like Solana (SOL), Litecoin (LTC), and Polygon (MATIC) also faced outflows of $2.7 million, $1.3 million, and $1 million, respectively.
Despite the overall outflows, multi-asset products received inflows of $98 million, indicating that some investors viewed the weakness in the altcoin market as a buying opportunity.
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