Big loss! Over 700 million USD was lost in digital assets last week, but investors were frantically buying Solana ($SOL )
According to the latest weekly report of digital asset management company CoinShares, the digital asset investment products (ETPs) launched by institutions had a net outflow of 726 million USD last week, which was the same as the maximum outflow in March this year. The reason behind this may be related to the macro environment.
CoinShares analysts believe that the higher-than-expected macroeconomic data last week increased the probability that the Federal Reserve will announce a 1-point interest rate cut in September, but since the employment data was lower than expected, the market is still divided on whether to cut 2 points at once.
Currently, the cryptocurrency market is waiting for the results of the US August CPI data tonight (9/11). If it is lower than expected, it will increase the probability of a 2-point cut.
Although the market is facing capital outflows, investors seem to be buying Solana ($SOL), with an inflow of 6.2 million USD last week and 7.6 million USD in the previous period.
Some currencies also saw small inflows, including Litecoin ($LTC) with an inflow of $700,000, Ripple ($XRP) with an inflow of $1 million, and Cardano ($ADA) with a small outflow of $800,000.
The US Bitcoin spot ETF had a net outflow for 8 consecutive days, but reversed on September 9, with a net inflow of $28.72 million, and the inflow on the 10th expanded to $116 million.
The US Ethereum spot ETF also saw a similar flow of funds. After 5 consecutive days of net outflows, it finally had a net inflow of $11.44 million on September 10.
