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$600,000,000 Leaves Crypto ETPs Following More-Hawkish-Than-Expected FOMC Meeting
In its latest Digital Asset Fund Flows report, CoinShares says that institutional investors are likely reacting to a more âhawkish-than-expectedâ Federal Open Market Committee (FOMC) meeting last week.
According to CoinShares, the FOMCâs dot plot is the likely cause of the crypto losses. The dot plot records each member of the committeeâs personal opinion on the appropriate interest rate for the central bank at a given time period. According to the FOMCâs most recent dot plot, most of the committee doesnât see interest rates lowering before next year.
The US region saw massive outflows of $565 million, with Canada, Switzerland and Sweden piling on $15 million, $24 million and $15 million in outflows, respectively. Meanwhile, Germany brought in $17 million in inflows.