Global crypto investment products recorded net outflows of $223 million last week, marking the first weekly decline after 15 consecutive weeks of inflows, according to CoinShares’ Monday report.
Despite a strong start, with nearly $883 million in inflows at the beginning of the week, aggressive signals from the Federal Reserve and better-than-expected US economic data caused a shift in sentiment.
Outflows surged at the end of the week, including more than $1 billion on Friday alone.
The US led the outflows with $383 million, followed by Germany ($35.5 million) and Sweden ($33.3 million). Hong Kong ($170.4 million) and Switzerland ($52.4 million) recorded inflows, partially offsetting the losses.
Bitcoin funds were the hardest hit, with $404 million flowing out last week.