CoinShares, a digital assets manager, has reported that cryptocurrency products experienced significant outflows for the second consecutive week, totaling $584 million. According to the latest Digital Asset Fund Flows report, institutional investors have withdrawn $1.2 billion from crypto investment products in the past two weeks.

The outflows are believed to be a response to investor pessimism regarding potential interest rate cuts by the FED this year. Additionally, last week saw the lowest trading volumes on Exchange-Traded Products (ETPs) globally since the launch of US Exchange-Traded Funds (ETFs) in January, with only $6.9 billion traded for the week.

In the previous week, CoinShares had reported a loss of $600 million in crypto products. Outflows were primarily from the US and Canada regions, accounting for $584 million, while Germany and Hong Kong experienced losses of $24 million and $19 million respectively. On the other hand, Switzerland and Brazil saw inflows of $39 million and $48.5 million.

Bitcoin (BTC) led the trend with outflows of $630 million, followed by Ethereum (ETH) with $58 million and Cardano (ADA) with $0.3 million. Altcoins like Solana (SOL), Litecoin (LTC), and Polygon (MATIC) also experienced outflows of $2.7 million, $1.3 million, and $1 million respectively.

Interestingly, multi-asset products saw inflows of $98 million, indicating that some investors viewed the weakness in the altcoin market as a buying opportunity.

It is important to note that opinions expressed in The Daily Hodl are not investment advice. Investors should conduct their own research before engaging in high-risk investments in Bitcoin, cryptocurrency, or digital assets. All transfers and trades are at the individual’s own risk, and any resulting losses are their responsibility. The Daily Hodl does not endorse the buying or selling of any cryptocurrencies or digital assets and is not an investment advisor.