Key Takeaways
- Digital asset investment products saw $305 million in outflows last week.
- Short Bitcoin investment products recorded $4.4 million inflows, the largest since March.
Share this article
Crypto funds experienced outflows of $305 million last week, with Bitcoin (BTC) bearing the brunt at $319 million, as reported by CoinShares.
Short Bitcoin funds saw inflows of $4.4 million, the largest since March. Ethereum (ETH) faced outflows of $5.7 million, with trading levels of funds reaching only 15% of the levels seen during the US exchange-traded funds (ETF) launch week, comparable to pre-launch volumes. Meanwhile, Solana funds attracted $7.6 million in inflows.
The outflows are attributed to stronger-than-expected US economic data, reducing the likelihood of a 50-basis point interest rate cut. The asset class is expected to become increasingly sensitive to interest rate expectations as the Federal Reserve approaches a pivot.
Regionally, the US led with $318 million in outflows, followed by Germany and Sweden with $7.3 million and $4.3 million respectively. Switzerland, Canada, and Brazil saw minor inflows of $5.5 million, $13 million, and $2.8 million.
Blockchain equities bucked the trend with $11 million inflows, notably into Bitcoin miner-specific investment products.
US-traded ETF lose $290 million
Spot crypto ETFs traded in the US lost $290 million last week, registering interesting movements. IBIT, the spot Bitcoin ETF managed by BlackRock, started the week strong with $224.1 million…
Click Here to Read the Full Original Article at Markets Archives – Crypto Briefing…
