CoinShares, a digital assets manager, has reported that institutional cryptocurrency products experienced outflows for the third consecutive week. According to CoinShares’ latest report on Digital Asset Fund Flows, digital asset investment products saw a total of $30 million in outflows last week.

The report states, “Digital asset investment products saw a third consecutive week of outflows totaling US$30m, with last week indicating a significant decrease in outflows. Unlike previous weeks, most providers experienced minor inflows, although Grayscale, the incumbent, saw outflows of US$153m.”

Despite the overall outflows, the United States, Brazil, and Australia saw inflows of $43 million, $7.6 million, and $3 million, respectively. On the other hand, negative sentiment prevailed in Germany, Hong Kong, Canada, and Switzerland, with outflows of US$29m, US$23m, US$14m, and US$13m, respectively.

While Bitcoin (BTC), the leading cryptocurrency by market cap, as well as multi-asset investment vehicles Solana (SOL) and Litecoin (LTC), attracted inflows of $18 million, $10 million, $1.6 million, and $1.4 million, respectively, Ethereum (ETH) had one of its worst weeks in years.

“Ethereum saw its largest outflows since August 2022, totaling US$61m, bringing the total outflows in the past two weeks to US$119m. This makes it the worst-performing asset in terms of net flows year-to-date.”

Chainlink (LINK) and XRP also saw inflows of $0.6 million and $0.3 million, respectively.

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