Crypto Exchange-Traded Products (ETPS) suffered their largest weekly sales on the record, where investors drew approx. 2.9 billion dollars from these funds, according to a report from Coinhares, published Monday.

The massive outflows mark a significant shift in mood after a long period of stable investment in digital asset products.

This latest wave of retreats expanded a three-week line of outflows, now a total of $ 3.8 billion. Coinshares research analyst James Butterfill pointed to several factors that are likely to drive sales, including the installation of investor problems after the recent $ 1.5 billion on Crypto Exchange Bybit and the Federal Reserve’s increasingly Hawkish attitude towards monetary policy.

Before this downturn, Crypto Investment Products had had 19 consecutive weeks in a row, suggesting that some investors locked profits in the midst of growing market uncertainty.

Bitcoin (BTC), the largest cryptocurrency at market value, carried brown of the outflows and lost $ 2.6 billion over the past week. Meanwhile, funds that are aiming for Bitcoin, known as short Bitcoin ETPs, only a modest influx of $ 2.3 million, indicating that bearish mood has not yet taken hold.

While most assets fought, a few trends emerged – SUI (SUI) as the top artist with $ 15.5 million in influx, followed by XRP (XRP), which also attracted fresh investments.

Spot Bitcoin ETFs faced one of their toughest weeks yet, with investors who withdrew significant capital from these funds. Blackrocks Ishares Bitcoin Trust (Ibit), the largest of its kind, recorded a staggering $ 1.3 billion in outflow, according to Coinhares, the highest weekly withdrawal since launch.

Similarly, CME Bitcoin Futures’s open interest dropped sharply over the past two weeks and dropped from 170,000 BTC to 140,000 BTC, signaling a potential shift in institutional positioning. At the same time, the three-month futures yields the annual rolling base 7%, only slightly higher than the 4% dividend offered by short-term US treasury, making trade less attractive to investors.

“This tells me that the hedge funds are starting to relax their basic trade position, which is a net neutral position,” said James van Straten, analyst at Coindesk. “With a narrowing spread between futures yields and risk-free returns, dealers may be able to redistribute capital away from Bitcoin derivatives in favor of safer, more liquid assets.”

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