Last Week Sees Record Net Outflow of $2.9 Billion from Digital Asset Investment Products

Last Week Sees Record Net Outflow of $2.9 Billion from Digital Asset Investment Products

Last Week Sees Record Net Outflow of $2.9 Billion from Digital Asset Investment Products

According to a report released by the cryptocurrency asset management company CoinShares on Monday, global digital asset investment products recorded the largest single-week net outflow in history last week, totaling $2.9 billion, and have now experienced net outflows for three consecutive weeks, accumulating a total outflow of $3.8 billion.

CoinShares attributes the outflow of funds from digital asset funds to multiple factors, including the recent hacking incident at the Bybit exchange, the more hawkish stance of the U.S. Federal Reserve (FED), and the previous inflow of $29 billion over the course of 19 weeks. These factors may have triggered profit-taking by investors and weakened market sentiment.

Source: CoinShares

Most regions experienced outflows, with the most significant being in the United States ($2.87 billion), Switzerland ($73 million), and Canada ($16.9 million). However, German investors viewed this as an opportunity to buy amid weak prices, recording a net inflow of $55.3 million.

Bitcoin investment products were the most affected, recording a net outflow of $2.59 billion last week, while short Bitcoin investment products saw a net inflow of $2.3 million.

In terms of altcoin investment products, Ethereum was also unable to escape the negative market sentiment, recording a record single-week outflow of $300 million. Solana and Ton experienced outflows of $7.4 million and $22.6 million, respectively. Sui and XRP performed relatively better, recording net inflows of $15.5 million and $5 million, respectively.

Source: CoinShares