Bitcoin and altcoins started the critical week with a decline as they await the FED interest rate decision. While it is still unclear how many basis points the FED will cut, BTC could not hold on to the $60,000 it reached over the weekend.
As the BTC price fell to $59,000 levels, Coinshares released its weekly cryptocurrency report.
Coinshares, which stated that there was an inflow of $436 million into cryptocurrency investment products last week, said that the market is reviving.
“Last week, cryptocurrency investment products followed a reverse trend, with inflows reaching $436 million following outflows of $1.2 billion.
We believe the increase in inflows towards the end of the week was due to a significant change in market expectations for a possible 50 basis point rate cut on September 18.”
Ethereum Continues to Exit!
When looking at crypto funds individually, it was seen that the majority of fund inflows were in Bitcoin.
While BTC experienced an inflow of $436 million, Ethereum (ETH) experienced an outflow of $19 million.
There was an outflow of $8.5 million in the Bitcoin Short fund, which was indexed to the fall of BTC.
Looking at other altcoins, Solana (SOL) saw an inflow of $3.8 million and Cardano (ADA) saw an inflow of $0.6 million.
“Bitcoin was the primary focus, seeing $436 million inflows after 10 days of $1.18 billion outflows. Short Bitcoin fund flows reversed, seeing $8.5 million outflows after 3 weeks of consecutive inflows.
Ethereum continued to suffer, seeing $19 million worth of outflows. Conversely, Solana saw inflows for a fourth week, seeing a total of $3.8 million worth of inflows.
When looking at regional fund inflows and outflows, it was seen that the USA ranked first with an inflow of 416 million dollars.
Switzerland came in second after the United States with $27 million, and Germany came in third with $10.6 million.
Against these inflows, Canada experienced outflows of $17.9 million.
*This is not investment advice.