Crypto investment products suffered a significant setback last week, with net outflows reaching $812 million.
According to CoinShares' report on Monday, the sell-off was largely due to changing macroeconomic expectations in the US, as strong GDP and durable goods data reduced the likelihood of an imminent interest rate cut.
Outflows were mainly concentrated in the US, which saw $1.04 billion in fund outflows. However, this negative sentiment was not global, as Switzerland, Canada, and Germany recorded net inflows.
Bitcoin-based funds were the hardest hit by the sell-off, accounting for $719 million of the total outflows. Despite the weekly decline, cumulative inflows for the year remain strong at $39.6 billion.