Powell’s hawkish tone leaves crypto investors in a ‘state of limbo’ amid $360M in weekly ETP outflows: CoinShares
Fed Chair Powell's hawkish comments caused $360 million in weekly crypto ETP outflows, primarily driven by U.S. Bitcoin funds.Summary
Global crypto investment products experienced net outflows of $360 million last week, a reversal from the prior week's $921 million inflow, according to CoinShares. This shift is attributed to Fed Chair Jerome Powell's hawkish tone regarding future interest rate cuts, which left investors in a 'state of limbo,' especially given the absence of key U.S. economic data. The negative sentiment was concentrated in the U.S., which saw $435 million in outflows, partially offset by inflows in Germany and Switzerland. Bitcoin ETPs accounted for the bulk of the outflows, totaling $946 million globally, with U.S. spot Bitcoin ETFs seeing $799 million in net outflows, led by BlackRock's IBIT. Conversely, Ethereum products saw $57.6 million in net inflows, and Solana ETPs recorded their second-largest weekly inflow on record at $421 million due to strong demand for new U.S. ETFs.
(Source：The Block)