Macroeconomic data once again ‘key driver’ of crypto prices, CoinShares says

Macroeconomic signals led to sharp reversals in crypto flows last week, with outflows of $940 million erasing early inflows, according to a report from CoinShares.

James Butterfill, head of research at CoinShares, said digital asset investment products saw a net inflow of $48 million, but about $1 billion in inflows at the beginning of the week were offset by an outflow of $940 million as fresh economic data and hawkish Fed minutes shook investors. In a Jan. 13 investigative report.

Bitcoin (BTC) led the way with an inflow of $214 million, but faced the largest outflow among digital assets later in the week. Butterfill notes that despite the outflows, BTC remains “the best-performing asset with $799 million in inflows year-to-date.”

Weekly crypto asset flows | Source: CoinShares

Ethereum (ETH) faced a rough week with a $256 million outflow, which Butterfill attributed to broader tech sell-offs rather than Ethereum-specific issues. At the same time, Solana (SOL) remained resilient and attracted $15 million in inflows.

Butterfill says XRP (XRP) attracted $41 million in inflows “due to political and regulatory factors,” and notes that the inflows point to “increasing optimism ahead of the January 15 SEC objection deadline.”

Many altcoins recorded inflows despite weak price performance. For example, Aave (AAVE), Stellar (XLM), and Polkadot (DOT) stood out, pulling in $2.9 million, $2.7 million, and $1.6 million, respectively. Butterfill stated that the latest figures show that “the honeymoon is clearly over” after the US elections, and also that “macroeconomic data is once again an important driver of asset prices.”