Digital assets manager CoinShares reports that institutional crypto products experienced outflows last week for the third consecutive week.
In its most recent Digital Asset Fund Flows report, CoinShares reveals that digital asset investment products saw $30 million in outflows last week.
“Digital asset investment products recorded a third week of outflows totaling $30 million, though last week showed a notable reduction in the outflow rate. Unlike previous weeks, many providers experienced minor inflows, but this was counterbalanced by Grayscale’s substantial outflows of $153 million.”
Source: CoinShares
Despite the overall outflows, the US, Brazil, and Australia recorded inflows of $43 million, $7.6 million, and $3 million, respectively.
“Negative sentiment dominated in Germany, Hong Kong, Canada, and Switzerland, which saw outflows of $29 million, $23 million, $14 million, and $13 million, respectively.”
Bitcoin (BTC), multi-asset investment vehicles, Solana (SOL), and Litecoin (LTC) saw inflows of $18 million, $10 million, $1.6 million, and $1.4 million, respectively, while Ethereum (ETH) experienced one of its worst weeks in years.
“Ethereum recorded the largest outflows since August 2022, totaling $61 million, resulting in a two-week outflow sum of $119 million, making it the worst-performing asset year-to-date in terms of net flows.”
Chainlink (LINK) and XRP also saw inflows of $0.6 million and $0.3 million, respectively.
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