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 According to the latest Digital Asset Fund Flows report, institutional investors have withdrawn $1.2 billion from crypto investment products in the past two weeks.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 Federal Reserve this year. Last week, trading volumes for Exchange-Traded Products (ETPs) hit a low, with just $6.9 billion traded globally since the launch of US ETFs in January.

In the previous week, CoinShares had reported a $600 million loss in cryptocurrency products. Outflows were primarily seen in the US and Canada, amounting to $584 million, while Germany and Hong Kong saw losses of $24 million and $19 million. On the other hand, Switzerland and Brazil recorded inflows of $39 million and $48.5 million, respectively.

Bitcoin (BTC) led the trend with $630 million in outflows, followed by Ethereum (ETH) with a loss of $58 million. Altcoins such as Cardano (ADA), Solana (SOL), Litecoin (LTC), and Polygon (MATIC) experienced outflows of varying amounts.

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

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