Bitcoin ETFs and digital asset investment products experienced their highest net outflows since March last week, according to CoinShares’ latest report. A total of $726 million exited these funds, with Bitcoin investment products bearing the brunt, losing $643 million amid a record eight consecutive days of outflows.
Ethereum investment products also struggled, with $98 million in outflows for the week.
CoinShares analyst James Butterfill attributed this negative sentiment to stronger-than-expected macroeconomic data from the prior week, which heightened expectations for a 25 basis point interest rate cut by the US Federal Reserve. “The markets are now awaiting Tuesday’s Consumer Price Index (CPI) inflation report, with a 50 basis point cut becoming more probable if inflation falls below expectations,” Butterfill noted.
Bitcoin ETFs saw net outflows every day for eight straight days, marking the first time such a prolonged outflow period has occurred since their inception in January, according to report.
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