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Global crypto investment funds witnessed $147 million in net outflows last week, marking the end of a three-week inflow streak, according to a report from CoinShares. This reversal in sentiment was driven largely by better-than-expected economic data, which lowered the likelihood of significant interest rate cuts, said James Butterfill, Head of Research at CoinShares.
The largest outflows came from Bitcoin-based funds, which saw $159 million in net exits. However, short-bitcoin products, designed to profit from declines in Bitcoin’s price, attracted $2.8 million in net inflows, indicating some bearish sentiment. Funds in the U.S., Germany, and Hong Kong contributed the most to the negative flows, with respective losses of $209 million, $8.3 million, and $7.3 million. On the other hand, Canada and Switzerland recorded some gains, with inflows of $43 million and $34.9 million, helping to offset part of the outflows.
Despite the negative flows, trading volumes for global crypto investment products rose by 15%, reaching $10 billion for the week. This came even as broader crypto market volumes remained lower.
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As of the latest data, Bitcoin was trading at $63,595, showing a 2.6% gain over the past 24 hours, though it had dropped to a low of around $60,000 earlier in the week before rebounding. The cryptocurrency remains up 46.6% year-to-date.
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