Bitcoin Leads Crypto Inflows Amidst Market Volatility
CoinShares' latest weekly update reveals that digital asset investment products attracted $48 million in inflows over the past week, amidst a complex market environment influenced by macroeconomic developments.
The report notes that during the initial days of the week, digital asset products experienced an influx nearing $1 billion. However, macroeconomic data releases and the US Federal Reserve's minutes led to a substantial $940 million outflow in the latter half.
James Butterfill, Head of Research at CoinShares, observed that this marks the end of the post-US election honeymoon, with macroeconomic indicators resuming their central role in steering asset prices.
Bitcoin remains the top-performing asset year-to-date, securing $799 million in total inflows. Ethereum, on the other hand, registered significant outflows totaling $256 million, which Butterfill linked to a broader sell-off impacting the technology sector.