Crypto funds recorded a modest net inflow of $48 million last week due to the impact of macroeconomic and monetary policies. According to data from CoinShares, nearly $1 billion entered funds at the beginning of the week; however, due to strong economic data from the U.S. and the Fed’s more hawkish tone, $940 million flowed out by the end of the week. CoinShares Research Director James Butterfill commented, “The honeymoon after the U.S. elections is over, and macroeconomic data is once again dictating prices.”
Bitcoin Leads the Charge While Ethereum Struggles
Bitcoin $90,595 investment products led inflows with a total of $214 million, making them the top contributors to crypto fund inflows. Despite significant outflows by the end of the week, they remain the best-performing cryptocurrency fund with a total net inflow of $799 million since the beginning of the year.