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Bitcoin Investment Products Saw Over $600M in Outflows Last Week: CoinShares
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The outflows offset minor inflows for a broad selection of altcoins, including ETH, LIDO and XRP.
Crypto markets have been laid low by a hawkish stance on interest rate cuts by the FOMC.
Bitcoin investment products saw a total of $621 million in outflows last week following mixed economic signals from the U.S, according to asset manager CoinShares.
Across the broader digital asset ecosystem, investment products saw net $600 outflows of $600 million, entirely driven by BTC’s losses. This was the largest figure since March 22.
Grayscale’s GBTC was the worst affected, as it often is, experiencing $273 million of outflows.
The outflows offset minor inflows for a broad selection of altcoins, including ETH, LIDO and XRP, CoinShares said on Monday.
U.S. inflation data for May, as measured by the Consumer Price Index (CPI), beat expectations when it was reported flat for the month. However, the good news was soon tampered by the Federal Open Market Committee (FOMC) of the Federal Reserve holding its benchmark rate range at 5.25%-5.50%. Its economic outlook called for just one 25 basis point rate cut this year.
Bitcoin was laid low by this hawkish stance, tumbling to its lowest point in four weeks on Friday at $65,100.
At the time of writing, BTC was flat at $66,000. The CoinDesk 20 Index (CD20), which measures the performance of the broader digital asset market, is 1.75% lower.
