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Digital asset manager CoinShares said institutional cryptocurrency investors pulled hundreds of millions of dollars from cryptocurrency products last week.

In its latest Digital Asset Flows report, CoinShares said outflows from institutional cryptocurrency investment products surged to $147 million last week, likely due to stronger-than-expected economic data that reduced the likelihood of a sharp rate cut.

Source: CoinShares

In terms of regions, the United States had the largest outflow of funds, reaching $209 million, followed by Germany and Hong Kong, which lost $8.3 million and $7.3 million respectively. Meanwhile, Canada and Switzerland provided inflows of $43 million and $35 million respectively.

As usual, Bitcoin (BTC) bore the brunt of investor attention, with $159 million in outflows, while short BTC products saw $2.8 million in inflows.

While Ethereum (ETH) has also experienced outflows, one sector of digital asset investment products has seen inflows for sixteen consecutive weeks.