Digital assets manager CoinShares says that institutional crypto investors pulled millions in capital from digital asset products last week.
In its latest Digital Asset Fund Flows report, CoinShares says that institutional crypto investment products suffered $305 million in outflows last week driven by strong economic data releases.
“…with widespread negative sentiment evident across various providers and regions. We believe this was driven by stronger-than-expected economic data in the US, which has diminished the likelihood of a 50-basis point interest rate cut.
We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the FED gets closer to a pivot.”
The US region accounted for the majority of outflows with $318 million, followed by Germany and Sweden at $7.3 million and $4.3 million respectively.
Says CoinShares,
“Switzerland and Canada saw minor inflows totaling US$5.5m and US$13m respectively.”
Bitcoin (BTC) took the brunt of the outflows at $319 million. Ethereum (ETH) products lost $5.7 million in outflows while Solana (SOL) bled $7.6 million in outflows.
“…while [ETH] trading volumes stagnated, reaching only 15% of the levels seen during the US ETF (exchange-traded fund) launch week, comparable to the volume levels observed before the launches.”
Litecoin (LTC) and Cardano (ADA) products saw $0.3 million in inflows a piece.
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Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia
