Digital asset products recorded $30 million in net inflows last week following fears that the Fed wouldn’t cut interest rates in September.
Bitcoin ETFs saw $42 million in net inflows as investors looked to tighten their holdings last week.
Ethereum ETFs also saw inflows of $4.2 million, while Solana ETFs witnessed $39 million in outflows.
Digital asset products witnessed net inflows totaling $30 million last week after the release of the July US Consumer Price Index (CPI) data saw Bitcoin ETFs stage a recovery. Meanwhile, Solana investment products were hit with $38 million in outflows as the meme coin market declined.
Digital asset products see inflows as crypto market attempts recovery
The crypto investment landscape saw choppy price action last week, recording net inflows of $30 million as the market looked to recover from the drawdown on August 5, according to CoinShares' digital asset weekly report.
The report suggests that the weak inflows could be due to concerns that the Federal Reserve (Fed) may not cut interest rates by September. This is also evident in a nearly 50% decline in trading activity across crypto ETFs.
The US dominated geographically with $62 million in net inflows, followed by Canada and Brazil, which recorded net inflows of $9.2 million and $7.2 million, respectively. Switzerland recorded outflows for the first time in over a month as investors in the region moved $29.7 million from crypto products last week. Hong Kong and Germany also recorded outflows of $14.3 million and $6.1 million, respectively.
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
Hot
No comment on record. Start new comment.