According to CoinShares’ Digital Asset Fund Flows Weekly Report, last week saw the largest weekly outflow from digital asset investment products in history, totaling $255 million of net outflows. This represented 1% of total assets under management (AuM) leaving the space. The majority of outflows were from long-Bitcoin investment products at $243.5 million, while Ethereum saw outflows of $11 million. Altcoin net flows were almost neutral. Investors are believed to have sold their digital assets due to concerns about high-profile crypto-linked US bank failures and the Fed’s hawkish stance. However, the investors who sold their holdings missed out on a rally in the market, as US authorities rescued depositors from potential losses and markets pulled back from Fed tightening bets. This massive easing of financial conditions by US authorities is seen as bullish for crypto.
