CoinShares, a leading crypto asset management company, reports that institutional investors withdrew $2.9 billion from crypto investment products last week. This marks the largest weekly outflows on record and follows three consecutive weeks of outflows totaling $3.8 billion. Factors contributing to this trend include the recent Bybit hack, a more hawkish Federal Reserve, and a 19-week inflow streak totaling $29 billion. The US saw the highest outflows at $2.87 billion, while Germany saw inflows of $55.3 million. Bitcoin experienced the largest outflow, losing $2.6 billion, while Ethereum saw a record outflow of $300 million. However, altcoins Sui, XRP, and Litecoin enjoyed inflows of $15.5 million, $5 million, and $1 million respectively.



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