Cryptocurrency asset management company CoinShares reported on Monday that digital asset investment products recorded a net outflow of $223 million last week, ending a trend of net inflows for 15 consecutive weeks.
Source: CoinShares
CoinShares noted that the market performed strongly at the beginning of the week, with net inflows reaching $883 million, but later reversed, likely influenced by the hawkish stance of the U.S. Federal Reserve's FOMC meeting and a series of better-than-expected economic data. The report stated:
"Although the weak employment data released in the last few days of last week had a dovish implication for the Federal Reserve, the overall market risk aversion still drove further outflows, with a net outflow exceeding $1 billion just on Friday alone. Given that the net inflow over the past 30 days has reached $12.2 billion, accounting for half of the year's cumulative net inflow, we believe that the current slight profit-taking situation is understandable."
In terms of various cryptocurrencies, Bitcoin became the main target of negative sentiment in the market, with a total net outflow of $404 million last week. CoinShares stated that the net inflow year-to-date remains high at $20 billion, which is not surprising given Bitcoin's high sensitivity to changes in monetary policy.
Despite being under pressure in the latter part of last week, Ether investment products still achieved a net inflow for the 15th consecutive week, totaling $133 million, indicating strong positive sentiment in the market towards this asset. XRP, Solana, and SEI also received funding support, recording net inflows of $31.2 million, $8.8 million, and $5.8 million, respectively. Aave and Sui recorded slight net outflows of $1.2 million and $800,000, respectively.
Source: CoinShares
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