Crypto asset management giant CoinShares says institutional whales pulled billions of dollars out of crypto investment vehicles last week.

According to CoinShares’ latest Digital Asset Fund Flows Weekly Report, institutional crypto investment products suffered $2.9 billion in outflows last week.

“Digital asset investment products saw a 3rd consecutive week of outflows, marking the largest weekly outflows on record at a total of US$2.9bn, bringing the three-week total to US$3.8bn. We believe several factors contributed to this trend, including the recent Bybit hack, a more hawkish Federal Reserve, and the preceding 19-week inflow streak totaling US$29bn.

These elements likely led to a mix of profit-taking and weakened sentiment toward the asset class.”

Regionally, the US led in outflows to the tune of $2.87 billion. Switzerland and Canada followed at $73 million and $16.9 million in outflows, respectively, while Germany bucked the trend, adding $55.3 million in inflows.

Crypto king Bitcoin (BTC) took the worst of the negative sentiment, losing $2.6 billion in outflows.

“Ethereum did not escape the negative sentiment either, seeing a record weekly outflow totaling US$300m. Solana and Ton also saw US$7.4m and US$22.6m outflows respectively.”

Altcoins Sui (SUI), XRP and Litecoin (LTC) enjoyed inflows of $15.5 million, $5 million and $1 million, respectively.