Bitcoin leads digital asset outflows at $305 million, CoinShares blames US economic data

Digital asset investment products saw $305 million in outflows last week, with widespread negative sentiment across multiple providers and regions.

CoinShares attributes this to stronger-than-expected economic data from the United States, which has reduced the likelihood of a 50 basis point interest rate cut.

In addition, the asset manager expects that as the Federal Reserve moves closer to a policy change, the asset class will become increasingly reactive to interest rate expectations.

“Stronger Macro Data Leads Sentiment Down with $305M Outs.”

In the latest edition of CoinShares’ weekly digital asset fund flows report, the platform revealed that Bitcoin was the main focus of 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 recorded weekly outflows of $5.7 billion, while trading volumes stagnated at just 15% of the figures recorded during the US ETF’s launch week. This reflected levels comparable to those prior to the releases. Meanwhile, Solana (SOL) attracted $7.6 million in inflows.

Next was Binance Coin (BNB) at $0.8 million, followed by Litecoin (LTC) and Cardano (ADA) at $0.3 million each.

Regionally, the US continued to dominate outflows with $318 million for the week, while Germany and Sweden witnessed smaller outflows of $7.3 million and $4.3 million, respectively.

Canada recorded the highest weekly receipts 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 lower inflows of $1.6 million and $1.2 million, respectively.

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