According to Coinshares’ latest weekly report, Crypto Investment products have finished a 15-week consistent inflow after seeing a $223 million spill last week.
This began with a $883 million inflow, marking a major shift from the trend earlier this week.
James Butterfill, head of research at Coinshares, explained that broader macroeconomic conditions in the US are likely to cause outflows. These include Hawkish’s statement from the Federal Open Market Committee (FOMC) and stronger economic data than expected, contributing to negative market sentiment.
Despite weak pay data late in the week, suggesting a tremendous approach by the Fed, overall market sentiment remains “risk-off”, leading to a major outflow, especially on Friday when more than $1 billion was closed.
Batafil also noted that over the past 30 days, digital asset investments have seen net inflows of $12.2 billion, accounting for around 50% of the total annual inflow. He said the recent spill could be attributed to minor profit gains.
Ethereum secures another week of victory over Bitcoin
Bitcoin saw a massive leak that left $444 million from the market, attributed to negative sentiment that overshadowed positive activity in other digital assets.
However, Bitcoin’s inflows from the start of the year remained strong at around $20 billion. This reflects the continued appeal of Crypto despite the volatility caused by changes in monetary policy.
Meanwhile, Ethereum led the inflow chart last week with $133 million, but experienced significant losses over the weekend. This has resulted in Ethereum’s inflow since the start of the year to around $8 billion.
ETH’s performance has shown strong positive sentiment towards digital assets, with some butafils recently suggesting the launch of “AltSesove.”
This is evident in the performance of other altcoins. This also marked a major trend in the week.
According to a Coinshares report, XRP, Solana and SEI saw an inflow of $31.2 million, $8.8 million and $5.8 million, respectively. However, Litecoin and SUI experienced smaller spills of $0.2 million and $800,000 respectively.
These numbers suggest that investors are transferring capital from Bitcoin to more promising assets, particularly Ethereum and other altcoins.