Outflows Hit $206 Million
Digital asset manager CoinShares reports that institutional investments in crypto products saw a second week of outflows, totaling $206 million. This brings the two-week total to nearly $312 million.
Interest Rate Fears Weigh on Crypto
According to CoinShares, investor interest in crypto exchange-traded funds (ETFs) and exchange-traded products (ETPs) is declining as fears of rising interest rates grow.
Negative US Sentiment
Negative sentiment in the US led to large regional outflows of $244 million. Bitcoin (BTC) suffered the most, losing $192 million. Ethereum (ETH) products also saw outflows for the sixth consecutive week, totaling $34 million.
Inflows for Multi-Asset Products
Despite the overall outflows, some crypto products did manage to draw inflows. Multi-asset investment vehicles, which invest in multiple cryptos, enjoyed $9 million in inflows. Litecoin (LTC) and Chainlink (LINK) also saw inflows of $3.2 million and $1.7 million, respectively.
