 ▲ Source: CoinShares Blog |
According to the weekly fund flow report from cryptocurrency asset manager Coinshares, there was a net outflow of approximately $584 million from digital asset investment products last week (June 17-23). This is an outflow for two weeks in a row. CoinShares diagnosed that this appears to be due to investors' pessimism about the U.S. Federal Reserve's (Fed) interest rate cut this year.
$630 million was leaked from Bitcoin (BTC) investment products, and $58.3 million was leaked from Ethereum (ETH) products. On the other hand, Solana (SOL), Litecoin (LTC), and Polygon (MATIC) saw inflows of $2.7 million, $1.3 million, and $1 million, respectively. Multi-asset products saw an inflow of $98 million, and Coinshares estimated that investors are seeing weakness in the altcoin market as a buying opportunity.
By country, the United States showed the largest outflow at $475 million, but Canada also had a significant outflow at $190 million. Funds of $24 million and $19 million were also outflowed from Germany and Hong Kong, respectively. On the other hand, Switzerland and Brazil received inflows of $39 million and $48.5 million, respectively.
