Crypto funds see 8th straight week of outflows.

Last week, digital asset investment products experienced outflows worth $88 million, marking the eighth consecutive week of money leaving crypto funds. This information comes from data gathered by Coinshares.

Over the eight-week period, outflows have totaled $417 million, which occurred at the same time as significant declines in cryptocurrency prices following a strong start to the year. For example, Bitcoin (BTC) closed at around $26,000 last week, after having almost reached $31,000 in mid-April.

Last week, Bitcoin saw outflows of $52 million, bringing its total exit amount over the eight weeks to $254 million. Ethereum, the second-largest cryptocurrency by market value, saw outflows of $36 million, the largest amount of such action in a single week since last year’s Merge.

Altcoins like Litecoin, XRP, and Solana saw minor inflows.

CoinShares said, “We believe this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious.” Regulatory policy, no doubt, also played a role, with the SEC’s lawsuits against Coinbase and Binance last week being the catalyst behind the latest leg down in crypto.

Regulatory policy, however, may play a less significant role this week as a number of crucial macro data points are set to be released. These include Tuesday’s U.S. inflation report and Wednesday’s results from the latest U.S. Federal Reserve policy meeting.

Edited by Stephen Alpher.