Markets
Bitcoin investment products saw outflows of more than $600 million last week: CoinShares

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The outflows offset smaller inflows for a broad selection of altcoins, including ETH, LIDO, and XRP.
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Cryptocurrency markets have been weakened by the FOMC’s aggressive stance on interest rate cuts.
Bitcoin investment products saw outflows totaling $621 million last week following mixed economic signals from the United States. according to asset manager CoinShares.
Across the broader digital asset ecosystem, investment products saw net outflows of $600 million, entirely driven by BTC losses. This is the highest figure since March 22nd.
Grayscale’s GBTC was the hardest hit, as is often the case, recording outflows of $273 million.
The outflows offset smaller inflows for a broad selection of altcoins, including ETH, LIDO and XRP, CoinShares said on Monday.
US inflation data for May, as measured by the consumer price index (CPI), beat expectations when it was reported flat for the month. However, the good news was soon tampered with by the Federal Reserve’s Federal Open Market Committee (FOMC) which maintained its benchmark rate range at 5.25%-5.50%. His economic outlook called for a rate cut of just 25 basis points this year.
Bitcoin was weakened by this aggressive stance, plunging to its lowest point in four weeks Friday at $65,100.
At the time of writing, BTC was stable at $66,000. THE CoinDesk 20 Index (CD20), which measures the performance of the broader digital asset market, is 1.75% lower.
To know more: Explaining Bitcoin’s sluggish price action amid record ETF inflows