First Outflows in 15 Weeks For Digital Assets; Bitcoin Bleeds $404M
Main Idea
Digital asset investment products experienced net weekly outflows of $223 million for the first time in 15 weeks, driven by a hawkish FOMC stance and strong US economic data, though Ethereum and some altcoins continued to see inflows.
Key Points
1. Digital asset investment products saw net weekly outflows of $223 million, the first in 15 weeks, after initial inflows of $883 million.
2. The reversal was attributed to the FOMC's hawkish stance and strong US economic data, despite weaker payroll numbers later in the week.
3. Bitcoin recorded the largest outflows at $404 million, but its year-to-date inflows remain strong at $20 billion.
4. Ethereum secured its 15th consecutive week of inflows with $133 million, defying broader market outflows.
5. Other altcoins like XRP, Cardano, and Aave also saw inflows, while multi-asset products and some regions like the U.S. and Brazil experienced outflows.
Description
For the first time in 15 weeks, digital asset investment products saw net weekly outflows $223 million. The week started on a high note as $883 million poured in. Momentum, however, reversed sharply following the FOMC’s hawkish stance and strong US economic data. Despite Friday’s weaker payroll numbers hinting at a more dovish Fed approach, the overall risk-off mood led to more than $1 billion in outflows that day. Still, considering the past 30 days saw $12.2 billion in inflows – half of all in...
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