Bitcoin Funds Lead $600 Million Crypto ETF Outflows Amid Hawkish Federal Reserve Stance.

Crypto ETFs witnessed significant outflows of $600 million, with Bitcoin funds in particular taking a serious hit.

Meanwhile, some altcoins like Ether showed resilience and attracted modest inflows despite the overall decline.

AI-related cryptocurrencies such as FET and RNDR dropped as much as 30% as Google search interest peaked.

Bitcoin Experiencing Unprecedented Outflows With Federal Reserve's Hawkish Tone

In a surprising development, digital asset investment products reported their biggest weekly outflow since March, at $600 million. The majority of this outflow was due to Bitcoin funds, from which $621 million was withdrawn. In its report dated June 17, CoinShares attributed this big move to the Federal Reserve's hawkish stance that it would maintain higher interest rates for longer than expected.

Resistant Altcoins: Ether and Others Draw Entries

Despite Bitcoin's decline, several altcoins have shown notable resilience. Ether investment products managed to attract $13.2 million, while LIDO and XRP funds saw inflows of $2 million and $1.1 million respectively. BNB, Litecoin, Cardano, and Chainlink also experienced modest inflows, but this was not enough to offset the overall decline in total digital asset management.

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