Digital assets manager CoinShares says crypto products bloomed to the tune of $600 million last week.
In the latest Digital Asset Fund Flows report, CoinShares say that institutional investors are likely to react to a more “hawkish than expected” meeting of the Federal Open Market Committee (FOMC) last week.
“Digital asset investment products saw outflows totaling $600 million, the largest since March 22, 2024. This occurred under similar circumstances: a period of significant inflows followed by a more aggressive-than-expected FOMC meeting, which prompted investors to reduce their exposure to fixed assets.”
According to CoinShares, the FOMC’s dot plot is the likely cause of the crypto losses. The scatter plot records the personal opinion of each committee member on the appropriate interest rate for the central bank in a given period. According to the FOMC most recent dot plot, most of the committee does not see interest rates falling before next year.
The Americas region saw massive outflows of $565 million, while Canada, Switzerland and Sweden piled in with $15 million, $24 million and $15 million in outflows respectively. Meanwhile, Germany provided $17 million in inflows.
Bitcoin (BTC) saw the heaviest outflows at $621 million, while Solana (SOL) lost $0.2 million. Ethereum (ETH), Chainlink (LINK) and Litecoin (LTC) saw inflows of $13.1 million, $0.8 million and $0.8 million respectively.
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Generated image: Midjourney
