CoinShares, a digital asset manager, reported that institutional investment in crypto products saw an outflow for the second week in a row.
According to their latest report on digital asset fund flows, these products saw a loss of $206 million in outflows last week, amounting to nearly $312 million over the past two weeks.
These volumes already represent a smaller share of the total volumes of BTC compared to a month ago, falling from 55% to 28%. The data shows waning appetite among ETP/ETF investors, which is likely due to expectations that the Federal Reserve will keep interest rates high for an extended period of time.
While institutional investors in Canada and Switzerland contributed $30 million and $8 million to inflows, respectively, Germany saw a marginal outflow of $8 million. Conversely, negative sentiment around US ETFs led to significant regional outflows of $244 million.
Bitcoin (BTC) bore the brunt of outflows, losing $192 million, while Ethereum products (ETH) maintained outflows for the sixth consecutive week, totaling $34 million last week.
Despite these trends, some crypto products have attracted inflows. Investment vehicles that invest in more than one cryptocurrency saw $9 million in inflows last week, while Litecoin (LTC) and Chainlink (LINK) raised $3.2 million and $1.7 million, respectively.
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