Digital asset investment products recorded second straight week of net outflows, in what could be a response to the likelihood of further interest rate hikes by the U.S. Federal Reserve.
A majority of outflows last week were from Bitcoin totaling $46 million.by CoinShares, digital asset investment products recorded a second straight week of net outflows. This could be a response to the likelihood of further interest rate hikes by the U.S. Federal Reserve.
Outflows over the last week increased to $72 million from $30 million a week before, as bearish sentiment lingered in the market. The interest rate hike was expected at the Federal Reserve’s policy meeting on 3 May. Coinshares added that volume across the broader crypto market remained low, nearly 50% below the year average. On the other hand, exchange-traded product volumes hit $1.7 billion in the last week, 16% above the year average.
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