By crypto.news | Created at 2024-12-23 14:11:30 | Updated at 2024-12-23 18:15:25
4 hours ago
Crypto funds saw $1 billion in outflows at the end of last week, including $576 million in a single day, amid market jitters following a hawkish Fed stance.
Digital asset investment products recorded $308 million in inflows last week, but the week ended with $1 billion in outflows over the final two days, including $576 million on Dec. 19 alone, according to data collected by CoinShares.
In a Monday blog post, the Jersey-headquartered firm said the sharp outflows came after market reactions to the Federal Reserve’s hawkish stance. Total assets under management for digital asset exchange-traded products fell by $17.7 billion, representing a 0.37% decline in assets under management, marking the 13th largest single-day outflow on record, said CoinShares head of research James Butterfill.
Bitcoin (BTC) remained resilient, posting $375 million in net inflows for the week, while Ethereum (ETH) also saw $51 million in inflows, though this came at the expense of Solana, which recorded $8.7 million in outflows.
Multi-asset investment products faced the steepest losses, with $121 million in outflows. However, selective interest in altcoins persisted, with XRP ($8.8 million), Horizen ($4.8 million), and Polkadot ($1.9 million) showing positive inflows.
The outflows come as Bitcoin struggles staying above the $100,000 mark, falling in a moment below $95,000. According to CoinGlass, Bitcoin’s descent triggered a $1.4 billion mass liquidation event, wiping out leveraged long positions within 24 hours.
