Digital asset investment products have seen outflows for the third consecutive week, with $435 million flowing out in the latest week, the highest outflow since March.

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According to the latest report from CoinShares, trading volume for exchange-traded products (ETPs) fell to $11.8 billion last week from $18 billion the week before, as the price of Bitcoin fell 6%.

Bitcoin and Ethereum lead digital asset outflows

CoinShares’ latest version of digital asset flows shows that outflows were concentrated only in the top two cryptocurrencies — Bitcoin and Ethereum — at $423 million and $38 million, respectively.

During the same period, short-term Bitcoin investment products accumulated $1.3 million in inflows. This shows that market participants are increasingly interested in hedging against or profiting from a drop in BTC prices as the asset trades just above $62,000.

On the other hand, some altcoins defied the general bearish trend. In fact, the asset manager found that investors mainly opted for multi-coin investment products, which saw $7 million in inflows.

Other popular choices such as Solana, Litecoin, and Chainlink continued to attract inflows of $4 million, $3 million, and $2.8 million, respectively. Polkadot saw inflows of $500,000 this week, and investment products related to XRP and ADA also saw inflows of $400,000.

As in previous cases, the outflows were focused on the United States, which recorded $388 million. However, it is worth noting that inflows to the United States remain at a record high of $13.6 billion so far this year. In addition, most of the outflows came from Grayscale, which was $440 million, the lowest in nine weeks.

While Grayscale’s outflows are slowing, CoinShares also observed a decrease in inflows from new issuers, which amounted to just $126 million last week, compared to $254 million the week before. Germany and Canada also faced negative sentiment, with outflows of $16 million and $32 million, respectively. Sweden saw outflows of $8.1 million this week.

Bucking the trend were Switzerland and Brazil, which welcomed inflows of $5 million and $4 million respectively. Meanwhile, Australia recorded modest inflows of $0.5 million over the same period.