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Cryptocurrencies Suffer $1 Billion Outflows Amid Aggressive FOMC
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You cryptocurrency funds suffered outflows of US$1 billion amid an aggressive decision by the FOMC (acronym in English for the Fed Monetary Policy Committee), as reported by Todaysgist.
According to the CoinShares weekly report, released this Monday (23), despite these weekly outflows, general entries persist.
Cryptocurrency investment products saw a continuation of inflows last week, totaling $308 million. However, this masks the largest single day of exits (December 19), which totaled US$576 million. Furthermore, total outflows in the last 2 days of last week were $1 billion.
As CoinShares pointed out, recent price corrections have resulted in a reduction of US$ 17.7 billion in total assets under management (AuM) for cryptocurrency ETPs. According to the company, this was probably a response to aggressive dot plot released by FOMC on Wednesday.
Entries and exits in cryptocurrency funds
The largest single-day outflow occurred in mid-2022, when the FOMC’s interest rate hike triggered outflows of $540 million (2.3% of AuM).
Bitcoin, despite outflows during the week, still recorded net inflows for the week totaling $375 million. Furthermore, there was little activity from bitcoin-short investors (sold in Bitcoin).
The most dramatic flows were investment products multi-assetwhich saw $121 million in outflows last week. On the other hand, many altcoins continued to record inflows, such as XRP ($8.8 million), Horizen ($4.8 million) and Polkadot ($1.9 million), suggesting that investors are preferring to adopt a more selective approach.
THE Ethereumin turn, saw another US$51 million inflows at the expense of Solanawhich saw $8.7 million in outflows.
Cryptocurrencies Suffer $1 Billion Outflows Amid Aggressive FOMC
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Cryptocurrencies Suffer $1 Billion Outflows Amid Aggressive FOMC
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Cryptocurrencies Suffer $1 Billion Outflows Amid Aggressive FOMC
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Cryptocurrencies Suffer $1 Billion Outflows Amid Aggressive FOMC
