Digital asset manager CoinShares reports that crypto products experienced a significant outflow of $600 million last week.
FOMC Meeting Raises Concerns
Institutional investors are believed to be reacting to a more aggressive-than-expected Federal Open Market Committee (FOMC) meeting. The FOMC’s dot plot, which reflects members’ views on interest rates, suggests that rates are unlikely to decline until next year.
Regional Outflows
The US region accounted for the majority of outflows, with $565 million. Canada, Switzerland, and Sweden also contributed to the decline.
Bitcoin and Solana Lead Outflows
Bitcoin (BTC) witnessed the largest outflows, totaling $621 million, while Solana (SOL) lost $0.2 million.
Ethereum and Others See Inflows
Ethereum (ETH), Chainlink (LINK), and Litecoin (LTC) saw inflows of $13.1 million, $0.8 million, and $0.8 million, respectively.
