CoinShares, Europe’s largest digital asset management company, published its weekly report. According to the company’s report, there were net outflows of $584 million from digital asset and crypto funds last week.

While there were net outflows of $630 million from Bitcoin funds and net outflows of $58 million from Ether funds, the inflow of $98 million to multi-asset funds did not go unnoticed. In the report, it was stated that the positive situation in multi-asset investments may have been realized due to the fact that the major meltdown in altcoins was seen as a buying opportunity by investors.

On the other hand, there were 300 thousand in Chainlink funds, 700 thousand in XRP funds and $2.7 million in Solana funds.

“We believe this is in reaction to pessimism”

James Butterfill, an analyst at CoinShares who prepares this report every week, commented, “We believe this is in reaction to the pessimism amongst investors for interest rate cuts by the FED this year.”

All the majors are selling off

As expected, the largest sales in crypto funds were in the US. US sales amounted to $475 million, Canada $110 million, Hong Kong $20 million and Germany $24 million.