While Bitcoin (BTC) continues to hover around $28,000, the eyes turned to the FED's interest rate decision, which will be announced tomorrow.
Publishing its weekly crypto money report, Coinshares stated that fund outflows in crypto money products continued in the second week.
Stating that there was an outflow of $ 72 million in crypto money products last week, Coinshares wrote:
“Cryptocurrency investment products have debuted for the second week in a row, which we believe is a response to the possibility of further rate hikes by the Fed.
Debuts totaled $72 million."
Looking at crypto funds individually, it was seen that the majority of fund outflows were in Bitcoin.
While Bitcoin experienced an outflow of $ 45.5 million last week, the largest altcoin Ethereum (ETH), which entered last week, also experienced an outflow of $ 19.2 million.
The Bitcoin Short fund, which is indexed to the fall of BTC, also experienced an outflow of $ 7.8 million this week.
“Bitcoin saw a majority or $46 million total outflow last week, while the Bitcoin Short fund, which focused on the decline, also saw its biggest outflows since December 2022.
Ethereum also took a hit last week, seeing a total exit of $19 million, its biggest exit week since the Merger in September 2022.
Facing the exits last week, Solana (SOL) entered $ 0.2 million and Cardano (ADA) $ 0.1 million.
Looking at the regional fund inflows and outflows, Germany ranked first with a fund outflow of 40.3 million dollars, while Canada took the second place with 13.6 million dollars and the USA took the third place with an outflow of 9.7 million dollars.
Germany and the USA were followed by Switzerland with $5.9 million and Sweden with $2.3 million.
Against these exits, it was seen that there was an inflow of 0.3 million dollars in Australia.
*Not investment advice.