Crypto funds record outflows of $454M last week:
Cryptocurrency investment products reported outflows of $454M last week, as a four-day streak of outflows totaling $1.3B almost completely reversed the $1.5B in inflows recorded in the first two days of the year.
James Butterfill, CoinShares’ Head of Research, said this turnaround in sentiment appears to stem mainly from investor worries over the diminishing prospects of a Federal Reserve interest rate cut in March following recent macro data releases.
Bitcoin (BTC-USD) ETFs recorded outflows of $405M last week, according to a CoinShare report. However, short-Bitcoin products saw $9.2M in outflows, sending mixed signals about overall market sentiment toward the asset.
Ethereum (ETH-USD) posted outflows of $116M last week, while multi-asset products recorded outflows of $21M.
In contrast, XRP and Solana (SOL-USD) recorded the inflows last week, amounting to $45.8M and $32.8M, respectively, as positive sentiment towards the tokens persisted.
The U.S. saw outflows totaling $569M last week. On the other hand, Germany led with inflows of $58.9M, followed by Canada at $24.5M and Switzerland at $21M.
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