Outflows in digital asset investment products continued for the third week in a row. The latest weekly outflow of $435 million marked the highest outflow since March.

According to the latest report by CoinShares, the trading volumes in Exchange-Traded Products (ETPs) dropped to $11.8 billion last week from $18 billion the previous week, with Bitcoin prices declining by 6%.

Bitcoin and Ethereum Lead Digital Asset Outflows

The latest edition of CoinShares Digital Asset Fund Flows revealed that outflows were concentrated exclusively on the top two cryptocurrencies Bitcoin and Ethereum with $423 million and $38 million, respectively.

During the same period, short Bitcoin investment products amassed $1.3 million in inflows. This suggests a growing interest among market players in hedging or profiting from downward movements in BTCs price as the asset trades a little above $62,000.

Several altcoins, on the other hand, defied the widespread bearish trend. In fact, the asset manager found that investors primarily 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 raked in $0.5 million in inflows, and investment products related to XRP and ADA also saw $0.4 million in inflows over the week.

Switzerland and Brazil Defy Negative Trend

Like in previous instances, the focus of the outflows was on the US, which recorded $388 million. However, its important to note that year-to-date inflows in the US still stand at a record $13.6 billion. Additionally, the majority of outflows originated from Grayscale with $440 million, the lowest in nine weeks.

While Grayscales outflows are slowing down, CoinShares also observed a decrease in inflows from new issuers, which only amounted to $126 million last week, compared to $254 million the previous week. Germany and Canada also faced negative sentiment, with $16 million and $32 million in outflows, respectively. Swedens outflow for the week stood at $8.1 million.

Going against 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 during the same period.