CoinShares, a leading figure in digital asset management, has recently revealed that crypto investments experienced a dramatic exodus for the second straight week, with a staggering $584 million leaving the market. This data is featured in their latest Digital Asset Fund Flows report, which also highlights a broader retreat from crypto investment products amounting to $1.2 billion over the preceding two weeks.

The report indicates a growing sense of skepticism among investors regarding the possibility of interest rate reductions by the Federal Reserve (FED) this year, which appears to be fueling this trend. CoinShares’ analysis also notes that last week marked the lowest trading volumes on Exchange-Traded Products (ETPs) globally since the inception of U.S. ETFs in January, with a mere $6.9 billion in transactions.

CoinShares’ latest update indicates that crypto products experienced a $600 million outflow in the previous week. The U.S. and Canada were the primary contributors to this outflow, totaling $584 million, followed by Germany and Hong Kong, which saw losses of $24 million and $19 million, respectively. On the flip side, Switzerland and Brazil emerged as notable outliers, with inflows of $39 million and $48.5 million apiece.

The king of cryptocurrencies, Bitcoin, experienced the brunt of the outflow, with a massive $630 million departing the market. Ethereum followed closely behind, losing $58 million, while Cardano saw a negligible outflow of $0.3 million. Alternative cryptocurrencies such as Solana, Litecoin, and Polygon also experienced modest outflows, with amounts of $2.7 million, $1.3 million, and $1 million, respectively.

The report also suggests that multi-asset products attracted $98 million in inflows, indicating that investors perceive the weakness in the altcoin market as a prime opportunity for acquisition.

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