CoinShares, a digital assets manager, has reported that cryptocurrency products experienced significant losses for the second consecutive week, totaling $584 million. According to their latest report on Digital Asset Fund Flows, institutional investors have withdrawn $1.2 billion from crypto investment products in the past two weeks.

The outflows in digital asset investment products are believed to be a reaction to investor pessimism regarding potential interest rate cuts by the Federal Reserve this year. CoinShares also noted that last week had the lowest trading volumes on Exchange-Traded Products (ETPs) globally since the launch of US Exchange-Traded Funds (ETFs) in January, with just $6.9 billion traded for the week.

CoinShares previously reported that crypto products lost $600 million last week. The majority of outflows, amounting to $584 million, came from the US and Canada regions, while Germany and Hong Kong experienced outflows of $24 million and $19 million, respectively. On the other hand, Switzerland and Brazil saw inflows of $39 million and $48.5 million, respectively.

Bitcoin (BTC) had the highest outflows, totaling $630 million, followed by Ethereum (ETH) with $58 million. Cardano (ADA) experienced a loss of $0.3 million. Altcoins Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw outflows of $2.7 million, $1.3 million, and $1 million, respectively.

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

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own research before making high-risk investments in Bitcoin, cryptocurrency, or digital assets. Transfers and trades are done at the individual’s own risk, and any losses incurred are the individual’s responsibility. The Daily Hodl does not endorse the buying or selling of cryptocurrencies or digital assets, nor does it provide investment advice.