With continued weakness in the cryptocurrency market, digital asset investment products last week logged a capital flight of $88M, representing the eighth consecutive week of outflows, according to a CoinShares report released on Monday. Indeed, bitcoin ( BTC-USD ) has been trading in a clear lower-highs pattern since topping out at about $30.5K in mid-April, changing hands at $25.81K as of shortly before 11:00 a.m. ET. During that time, ethereum ( ETH-USD ), cardano, ( ADA-USD ), solana ( SOL-USD ) and dogecoin ( DOGE-USD ) also trended in downward spirals . "We believe that this is monetary policy related, with currently no clear end in sight to interest rate rises, leaving investors cautious," CoinShares said of the continued outflows. For the week ended June 9, ethereum ( ETH-USD ) experienced outflows of $36M, the largest single week of outflows since the Merge in September 2022. Bitcoin ( BTC-USD ) also booked outflows of $52M, though short-bitcoin products saw $1.1M of outflows, suggesting sentiment is not entirely negative. More on the Crypto Market Analysis Bitcoin: Fear Is In The Air Bitcoin: Liquidity Suggests A Price Drop Is Coming The Investment Case For Bitcoin Crypto Update: Ethereum Gas Fees Skyrocket To Yearly High
