News Report:
Digital asset management company CoinShares has stated that institutional crypto investors poured hundreds of millions of dollars into digital asset products last week following the announcement of a rate cut by the Federal Reserve.
According to its latest report on digital asset fund flows, CoinShares revealed that inflows into institutional crypto investment products surged to $321 million after Federal Reserve Chairman Jerome Powell announced the Federal Open Market Committee’s decision to cut rates by 50 basis points (bps).
“Inflows into digital asset investment products have continued for a second consecutive week, totaling $321 million. This surge is likely driven by the comments from the Federal Open Market Committee (FOMC) last Wednesday, which took a more accommodative stance than expected, including a 50 bps rate cut. As a result, assets under management (AuM) increased by 9%. The total investment products now amount to $9.5 billion, representing a 9% growth from the previous week.”
Source: CoinShares
The United States led with an influx of $277 million. Switzerland followed closely behind with $63 million, while Germany, Sweden, and Canada provided inflows of $9.5 million, $7.8 million, and $2.3 million respectively.
Bitcoin (BTC) accounted for the largest portion of the inflows at $284 million. Ethereum (ETH), on the other hand, experienced an outflow of $29 million last week, marking its fifth consecutive week of losses.
“This is due to ongoing outflows from existing Grayscale Trust and insufficient inflows from newly issued ETFs. Meanwhile, Solana investment products continue to see modest but consistent weekly inflows, totaling $3.2 million last week.”
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