According to a report released by cryptocurrency asset management firm 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 experienced net outflows for three consecutive weeks, with a cumulative outflow of $3.8 billion. CoinShares attributes the outflow from digital asset funds to multiple factors, including the recent hacking incident at the Bybit exchange, a more hawkish stance from the U.S. Federal Reserve (FED), and a total inflow of $29 billion over the previous 19 weeks, which may have triggered profit-taking by investors and weakened market sentiment.
Source: CoinShares
Most regions experienced outflows, with the most significant being the United States ($2.87 billion), Switzerland ($73 million), and Canada ($16.9 million). However, German investors viewed this as an opportunity to buy during a price downturn, recording a net inflow of $55.3 million.
Bitcoin investment products were hit the hardest, with a net outflow of $2.59 billion last week, while short Bitcoin investment products saw a net inflow of $2.3 million.
In the realm of altcoin investment products, Ethereum also could not 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. In contrast, Sui and XRP performed relatively well, recording net inflows of $15.5 million and $5 million, respectively.
Source: CoinShares
