CoinShares reports 9 consecutive weeks of outflows for crypto investment products.

According to a report by CoinShares, investment products related to digital assets have experienced outflows for nine consecutive weeks, reaching a total of $423 million.

Last week, there were outflows totaling $5.1 million. Towards the end of the week, there were minor inflows after the news that BlackRock (BLK) had filed an application for a bitcoin (BTC) spot exchange-traded fund in the United States. However, these inflows were not sufficient to offset the outflows seen earlier in the week.

Investors were encouraged to add positions after a few difficult weeks for altcoins. CoinShares said that inflows totaled $2.4 million.

Altcoin prices have dropped after the U.S. Securities Exchange Commission (SEC) designated several altcoins as securities in its lawsuits against Binance and Coinbase (COIN). XRP received inflows of $1 million last week, while Cardano’s ADA saw $600,000.

Outflows for Ether (ETH) totaled $5 million.

Read more: Judge Signs Off on Binance, SEC Deal to Move All U.S. Customer Funds, Wallet Keys Back Onshore in Lieu of Restraining Order

Edited by Parikshit Mishra.

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