Total outflows from digital asset investment products reached $726 million last week

According to CoinShares, outflows from digital asset investment products totaled $726 million last week, matching the largest outflow record set in March this year. This negative sentiment was driven by stronger-than-expected macroeconomic data last week, which increased the likelihood of a 25 basis point (bp) rate cut by the Federal Reserve. The market was divided on rate cuts, including employment data that was weaker than expected. Bitcoin outflows totaled $643 million, while short Bitcoin inflows totaled $3.9 million. Ethereum outflows totaled $98 million.