Bitcoin (BTC-USD) investment products endured outflows of $42M this past week in part due to concerns that an approval of a U.S. spot-based exchange-traded fund is not in the offing, CoinShares said in a report published on Monday.

For the week ended August 18, bitcoin (BTC-USD) dropped 10.6% amid a slew of headwinds weighing on sentiment, from the prospect of higher-for-longer interest rates to weakness in China’s economy. The token changed hands at about $26K at 12:35 p.m. ET.

The week’s outflows from funds tracking bitcoin (BTC-USD) made up 76% of outflows from digital asset investment products, according to the report. Short-bitcoin products experienced outflows for nearly the 17th straight week.

Funds linked to ethereum (ETH-USD), which also saw its price retreat 8.6% last week, saw outflows of $9M. Polygon (MATIC-USD), litecoin (LTC-USD) and polkadot (DOT-USD) each saw outflows of under $1M.

“Market volumes remain well below average, primarily due to seasonal effects, leaving prices vulnerable to large trades,” the report said. Coinglass data showed over $1B worth of long crypto positions had been liquidated at the end of last week.