The digital asset market experienced significant outflows last week, with a total of $812 million being withdrawn from investment products. This comes as stronger macroeconomic data, including revised GDP and durable goods figures, dampened market sentiment, according to CoinShares.
While the United States faced the brunt of these outflows, accounting for $1 billion, other regions showed resilience. Switzerland led with inflows of $126.8 million, followed by Canada with $58.6 million and Germany with $35.5 million. This indicates that the negative sentiment was largely concentrated in the US market.
Bitcoin (BTC) and Ethereum (ETH) were particularly affected, with outflows of $719 million and $409 million respectively. Despite these figures, there was no significant increase in demand for short-Bitcoin investment products, suggesting that the bearish sentiment may be temporary.
In contrast to Bitcoin and Ethereum, Solana (SOL) attracted strong inflows of $291 million, likely fueled by anticipation of upcoming US ETF launches. XRP also saw positive movement, recording $93.1 million in inflows.
Despite the recent outflows, the year-to-date (YTD) inflows remain robust at $39.6 billion, maintaining momentum to potentially match last year’s record of $48.6 billion. Month-to-date inflows also stand strong at $4 billion.
