HomeEthereumBitcoin Experienced $620 Million Outflows Last Week Due to Fed's Hawkish Stance

Bitcoin Experienced $620 Million Outflows Last Week Due to Fed’s Hawkish Stance

Digital Asset Investment Products Experience $600 Million Outflows Following FOMC Meeting

The latest report from CoinShares has revealed some concerning trends in the digital asset investment space. According to the report, digital asset investment products experienced outflows totaling $600 million during the last week, largely due to the more hawkish-than-expected FOMC meeting.

One of the most significant contributors to these outflows was the US spot Bitcoin ETFs, with Grayscale’s GBTC ETF seeing the largest outflows of $274.3 million. Other ETFs such as Ark Invest’s ARKB and Fidelity’s FBTC also experienced substantial net outflows. However, BlackRock’s IBIT was the only spot Bitcoin ETF to register net inflows last week.

Overall, Bitcoin led the total outflows from global investment products, with outflows totaling $621 million. This bearish sentiment also led to a 7% decrease in the Bitcoin price over the last week.

James Butterfill, in his CoinShares report, noted that these outflows and price sell-off caused total assets under management to fall from above $100 billion to $94 billion over the week. Additionally, trading volumes dropped to $11 billion for the week, compared to the average of $22 billion per week this year.

The majority of outflows were observed in the US, amounting to $565 million. However, other countries such as Canada, Switzerland, and Sweden also experienced outflows, while Germany saw inflows of $17 million.

These trends indicate a shift in investor sentiment towards digital assets, with many choosing to pull their investments out of the market. It will be interesting to see how these trends continue in the coming weeks and what impact they will have on the overall digital asset market.

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