Analyst: The encryption fund recorded the largest weekly net outflow since February.

Odaily News According to The Block, the latest data from CoinShares shows that investment products issued by cryptocurrency asset management firms (including BlackRock, Grayscale, Fidelity, etc.) experienced a net outflow of approximately 2 billion USD last week, marking the largest single-week withdrawal since February of this year, and have recorded net outflows for three consecutive weeks, totaling 3.2 billion USD. As the prices of digital assets have pulled back, the overall management scale has decreased from 264 billion USD in early October to 191 billion USD. CoinShares' research director James Butterfill pointed out that changes in interest rate expectations combined with continued selling pressure from large holding addresses have put pressure on market sentiment. This round of withdrawals mainly came from the United States, accounting for 97%, amounting to approximately 1.97 billion USD; Switzerland and Hong Kong saw outflows of 3.99 million USD and 1.23 million USD respectively. In contrast, German investors increased their holdings by approximately 13.2 million USD against the trend. In terms of varieties, Bitcoin investment products saw a net outflow of 1.38 billion USD in a single week, with a cumulative outflow over three weeks accounting for about 2% of its total managed assets; Ethereum products recorded an outflow of 689 million USD, accounting for approximately 4% of the management scale. Solana and XRP also experienced slight redemptions. Butterfill added that despite the overall bearish sentiment, multi-asset products attracted 6.9 million USD in funds over the past three weeks, indicating that some investors prefer to diversify their allocations during periods of fluctuation; shorting Bitcoin products also saw net inflows, reflecting market hedging demand for further downside. (The Block)