CoinShares Reports Billions in Crypto Outflows

Crypto asset management giant CoinShares has reported that institutional investors withdrew billions from crypto investment vehicles last week.

According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, institutional crypto investment products experienced outflows totaling $2.9 billion last week.

> “Digital asset investment products saw a 3rd consecutive week of outflows, marking the largest weekly outflows on record at a total of $2.9bn, bringing the three-week total to $3.8bn. We believe several factors contributed to this trend, including the recent Bybit hack, a more hawkish Federal Reserve, and the preceding 19-week inflow streak totaling $29bn.
> These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class.”

Regionally, the US led the outflows with $2.87 billion, followed by Switzerland at $73 million and Canada at $16.9 million. Germany, however, saw inflows of $55.3 million.

Bitcoin (BTC) was hit hardest by the negative sentiment, losing $2.6 billion in outflows.

> “Ethereum did not escape the negative sentiment either, seeing a record weekly outflow totaling $300m. Solana and Ton also saw outflows of $7.4m and $22.6m, respectively.”

Despite the downturn, some altcoins such as Sui (SUI), XRP, and Litecoin (LTC) experienced inflows of $15.5 million, $5 million, and $1 million, respectively.

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