INVESTING IN CRYPTO ASSETS HAS SEEN A RECORD OUTFLOW SINCE MARCH: REPORT

Tue 10 September 2024:

Crypto asset investment products saw total outflows of $726 million last week, recording the largest amount since March, according to a report released Monday.

Bitcoin saw outflows totaling $643 million last week, said CoinShares, an asset management firm specializing in digital assets.

Ethereum, meanwhile, saw total outflows of $98 million, it said in a statement.

Solana, on the other hand, saw the largest inflows of any digital asset, which totaled $6.2 million.

“We believe this negative sentiment was driven by stronger-than-expected macroeconomic data from the previous week, which increased the likelihood of a 25 basis point interest rate cut by the US Federal Reserve,” it said.

“However, daily outflows slowed later in the week as employment data fell short of expectations, leaving market opinions on a potential 50bp rate cut highly divided,” it added.

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