While some analysts are waiting for the FED’s interest rate cut decision for Bitcoin to rise, some analysts think that the FED’s interest rate decision will not be enough to boost BTC.
While analysts say that spot ETF inflows need to turn positive for the rise, CoinShares published its weekly cryptocurrency report and said that there was an outflow of $352 million last week.
Cryptocurrency investment products lost $352 million in value last week, with trading volume down 27%, but year-to-date inflows remain strong at $35.2 billion.
The Biggest Breakout Happened in Ethereum!
When looking at individual crypto funds, it was seen that the majority of outflows were in Ethereum.
While Bitcoin (BTC) experienced an inflow of $524 billion, Ethereum (ETH) experienced an outflow of $912 million.
When we look at other altcoins, XRP experienced an inflow of $14.7 million, Solana (SOL) $16.1 million, and Chainlink (LINK) $1 million.
“Bitcoin saw net inflows of $524 million last week.
Ethereum experienced net weekly outflows of $912 million last week. Outflows occurred daily over the past seven trading days and across multiple ETP issuers.
Despite this, inflows remain high at $11.2 billion for the year.
XRP and Solana continue to see consistent weekly inflows. Solana saw total inflows of $1.16 billion in its 21st week, while XRP saw $1.22 billion in the same period.
When looking at regional fund inflows and outflows, the USA ranked first with an outflow of $440 million.
After the USA, Sweden experienced an outflow of $13.5 million.
In the face of these outflows, Germany experienced an inflow of $85.1 million and Hong Kong $3.7 million.
*This is not investment advice.