Ramazan Eles 
According to CoinShares, there was a notable outflow of $726 million from cryptocurrency investment products last week.
After experiencing declines, Bitcoin, the leading cryptocurrency, began the new week on a positive note, trading above $55,000. However, significant outflows were observed in cryptocurrency investment products.
In their weekly report, CoinShares revealed that the previous week saw an outflow of $726 million from these products.
“Due to uncertainties surrounding interest rate cuts in the U.S., cryptocurrency investment products experienced a total outflow of $726 million last week,” CoinShares reported.
Bitcoin Sees Most Significant Withdrawals
When analyzing the individual crypto funds, it is evident that Bitcoin saw the majority of the outflows. Specifically, Bitcoin experienced a $643 million outflow, while Ethereum (ETH) saw $98.1 million leave.
In contrast, the Bitcoin Short fund, which is inversely correlated with Bitcoin’s decline, saw a $3.9 million inflow.
Examining other altcoins, Solana (SOL) attracted $6.2 million in inflows, and XRP saw $1 million in new investments. On the other hand, Cardano (ADA) experienced a $0.8 million outflow.
Impact of Macroeconomic Factors
“We believe that the negative sentiment towards Bitcoin and altcoins is attributed to stronger-than-expected macroeconomic data from the previous week, which raised the likelihood of a 25 basis point interest rate cut by the U.S. Federal Reserve,” CoinShares noted.
The report highlighted that Bitcoin saw a total outflow of $643 million, with a small $3.9 million inflow into Bitcoin Short funds. Ethereum saw almost the entirety of its $98 million outflow come from the existing Grayscale Trust.
Conversely, Solana experienced the largest inflow of any asset, totaling $6.2 million.
Regional fund flows showed that the U.S. led the way with a $721 million outflow. Following the U.S., Canada was the second-highest with an outflow of $27.9 million.
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