According to CoinShares, a crypto ETP provider, the cryptocurrency market experienced the highest weekly outflows ever since March due to falling prices.
Crypto investments products experienced outflows in excess of $725 million during the last week. This is the biggest outflow recorded since March.
On Sept. research report, CoinShares head of research James Butterfill attributed this dynamic to stronger-than-expected macroeconomic data from the previous week, which increased speculation about a potential 25 basis point interest rate cut by the U.S. Federal Reserve.
“The markets are now awaiting Tuesday’s Consumer Price Index inflation report, with a 50bp cut more likely if inflation comes in below expectations.”
James Butterfill, CoinShares Head of Research
In the U.S. alone, outflows totaled $721,000,000, and products based in Canada saw outflows amounting to $28,000,000. Germany and Switzerland, on the other hand, recorded positive inflows, of $3.2 and $16.3 million respectively.
Bitcoin stuck in fear zone
BitcoinBTCEthereum () was the most popular cryptocurrency, with $643,000,000 in outflows. The short bitcoin had a modest inflow of $3.95 million. Ethereum (ETHAs exchange-traded funds inflows decreased, Solana ( ) suffered 98 million dollars of losses, mostly from Grayscale Trust. Solana (SOLThe highest inflows among digital assets was ), with a total of $6.2 millions.
Bitcoin saw Data from Alternative shows that the Crypto Fear and Greed Index hit 26, its lowest point in over a month, signaling increased investor anxiety. Alternative Data shows the Crypto Fear and Greed Index has hit its lowest point since over a week, hitting 26. It signals increased investor anxiety and more cautious sentiment.
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: crypto.news
