CoinShares, a digital asset manager, has reported that cryptocurrency products suffered losses of $600 million last week. According to the latest Digital Asset Fund Flows report by CoinShares, institutional investors appear to be reacting to a more “hawkish-than-expected” Federal Open Market Committee (FOMC) meeting that took place last week.

The report states that digital asset investment products saw outflows amounting to $600 million, the largest since March 22, 2024. This trend occurred following significant inflows and a more hawkish FOMC meeting, leading investors to reduce their exposure to fixed-supply assets.

CoinShares attributes the crypto losses to the FOMC’s dot plot, which reflects each committee member’s individual opinion on the appropriate interest rate for the central bank at a specific time. The most recent dot plot indicates that most committee members do not anticipate interest rate reductions until next year.

Outflows in the US totaled $565 million, while Canada, Switzerland, and Sweden experienced outflows of $15 million, $24 million, and $15 million, respectively. On the other hand, Germany saw inflows of $17 million.

Bitcoin (BTC) recorded the largest outflows at $621 million, while Solana (SOL) saw a loss of $0.2 million. Ethereum (ETH), Chainlink (LINK), and Litecoin (LTC) received inflows of $13.1 million, $0.8 million, and $0.8 million, respectively.

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