On June 12, European cryptocurrency investment firm CoinShares published<\/a> its latest weekly \u201cDigital Asset Fund Flows Report,\u201d\u00a0revealing\u00a0that cryptocurrency investment products experienced outflows of $88 million last week. The substantial drawdown added to the ongoing eight-week streak of outflows, which now total $417 million.\u00a0Analysts at CoinShares have attributed this ongoing trend to monetary policy considerations, as interest rate hikes show no signs of slowing down, prompting investors to remain cautious.<\/p>\n In the past week, Ether (ETH<\/a>) products witnessed $36 million of outflows, marking the largest weekly outflows for the asset since the Ethereum Merge in September 2022<\/a>.<\/p>\n Meanwhile, Bitcoin (BTC<\/a>) investment products witnessed outflows totaling $52 million during the analyzed period. This brings the eight-week cumulative outflows for Bitcoin to $254 million, representing approximately 1.2% of the total assets under management (AUM). Additionally, short-Bitcoin products recorded outflows of $1.1 million, with seven-week outflows accounting for 44% of AUM.<\/p>\n Altcoins, on the other hand, exhibited \u201cmixed fortunes\u201d during this period. Minor inflows were observed for Litecoin (LTC<\/a>), XRP (XRP<\/a>) and Solana (SOL<\/a>), while Polygon (MATIC<\/a>) experienced outflows. \u201cInterestingly, on aggregate, altcoins have seen inflows year-to-date (except Tron), in stark contrast to Bitcoin and Ethereum,\u201d observed CoinShares\u2019 report author James Butterfill.\u00a0<\/p>\n Interestingly, 87% of the outflows were concentrated within a single provider, indicating a regional impact. Most of these outflows originated from North America, while Switzerland witnessed minor inflows of $9.2 million. On the other hand, Germany experienced outflows of $9.4 million.<\/p>\n Related:\u00a0Bitcoin and select altcoins show resilience even as the crypto market sell-off continues<\/a><\/em><\/strong><\/p>\n Despite the regulatory pressures<\/a> and concerns surrounding the cryptocurrency sector, the digital asset market has shown remarkable resilience, with the total crypto market maintaining its $1 trillion-plus market cap. The relative resilience shown by altcoins suggests investors have diversified their exposure to cryptocurrencies despite concerns over regulatory crackdowns on assets deemed to be securities.\u00a0<\/p>\n Magazine: <\/em><\/strong>BitCulture: Fine art on Solana, AI music, podcast + book reviews<\/em><\/strong><\/a><\/p>\n<\/div>\n![\"\"](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-06\/e44b1bb3-317a-4b24-8e0d-e489d9d9330a.png\" "\\"\\"")