๐ขHey there, BTC enthusiasts! ๐ A recent FOMC meeting, more hawkish than expected, has caused investors to reduce their exposure to fixed-supply assets. This resulted in a whopping $600 million outflow from digital asset investment products. ๐ฑ
This is the largest outflow since March 22, 2024. The bearish sentiment is further fueled by recent price declines, with total assets under management (AuM) dropping from over $100 billion to $94 billion this week. ๐
Interestingly, the outflows were all about Bitcoin, with the cryptocurrency seeing $621 million in withdrawals. ๐ค The bearish sentiment also triggered $1.8 million inflows into short-bitcoin investment products, indicating investors are betting against the asset's price rise. ๐ฒ
On the flip side, Ethereum-based investment products saw inflows of $13.1 million over the past week. Altcoins like LIDO and XRP also saw inflows of $2 million and $1.1 million, respectively. Even Litecoin and Chainlink attracted $0.8 million each. ๐ฐ
Despite the positive sentiment around altcoin-based investment products, trading volume was low at $11 billion for the week, compared to the $22 billion weekly average this year. However, this figure is still higher than the $2 billion a week observed last year. ๐
In terms of regional distribution, the US saw the largest outflows for the week, recording $165 million. This negative sentiment extended to Switzerland, Canada, Sweden, and Hong Kong. However, Germany, Australia, and Brazil bucked the trend with inflows. ๐
Stay tuned for more updates! ๐๐