Outside Source
Digital asset investment products witnessed $305 million in outflows last week, with negative sentiment widespread among various providers and regions.
CoinShares attributes this to stronger-than-expected economic data from the United States, which has lowered the probability of a 50-basis point interest rate reduction.
The asset manager further expects that as the Federal Reserve approaches a policy change, the asset class will increasingly react to interest rate expectations.
“Stronger macro data prompts a downturn in sentiment with $305 million outflows.”
In the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report, the platform revealed that Bitcoin was the main focus of the negative sentiment, resulting in $319 million in outflows over the past week. On the other hand, short Bitcoin investment products saw inflows of $4.4 million for the second week in a row, marking the highest inflow since March.
Ethereum (ETH) also saw weekly outflows of $5.7 million, while trading volumes stagnated at only 15% of the figures recorded during the US ETF launch week. This reflected levels comparable to those before the launches. Meanwhile, Solana (SOL) attracted $7.6 million in inflows.
Next up was Binance Coin (BNB) with $0.8 million, followed by Litecoin (LTC) and Cardano (ADA) with $0.3 million in inflows each.
Regionally, the US continued to dominate the outflows with $318 million for the week, while Germany and Sweden witnessed smaller outflows of $7.3 million and $4.3 million, respectively.
Canada saw the highest weekly inflows with $13.2 million, followed by Switzerland with $5.5 million and Brazil with $2.8 million during the same period. Meanwhile, Hong Kong and Australia saw smaller inflows of $1.6 million and $1.2 million, respectively.
This article first appeared at CryptoPotato
