Data from Coinshares shows that digital asset investment products experienced outflows of $88 millions last week. This is the eighth consecutive week where money has left crypto funds.

The outflows of $417 million over the past eight weeks coincide with a significant decline in the prices of all cryptocurrencies after a hot start to this year. Bitcoin ( BTC), for example, closed the week at around $26,000. It had nearly reached $31,000 by mid-April.

Bitcoin’s eight-week total of $254 million has been boosted by $52 million in outflows last week. Ethereum, the second-largest cryptocurrency in terms of market value, experienced outflows of $36 million. This was the biggest single week since the Merge event last year.

Minor inflows were made into altcoins such as Litecoin (XRP), Solana, and XRP.

CoinShares said: “We believe that this is related to monetary policy, as there is currently no end in sight for interest rate increases, which leaves investors cautious.” No doubt, regulatory policy played a part as well. The SEC’s lawsuits against Coinbase and Binance last week were the catalyst for the latest drop in crypto.

The regulatory policy may be put on hold this week as a number macro-data points are set to come out, including Tuesday’s U.S. Inflation Report and Wednesday’s result of the latest U.S. Federal Reserve Policy Meeting.

Stephen Alpher edited the book.