Hawkish Fed remarks drive $360M in crypto outflows but Solana ETFs shine
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Investors trimmed exposure to Bitcoin funds amid US policy uncertainty, even as Bitwise’s new Solana staking ETF attracted strong debut inflows last week.
Cryptocurrency investment products saw $360 million in outflows last week as investors reacted to Federal Reserve Chair Jerome Powell’s cautious remarks on future rate cuts.
Despite Wednesday’s rate cut, Powell’s remark that another one in December was “not a foregone conclusion,” combined with the absence of economic data due to the ongoing government shutdown, appears to have left markets uncertain, CoinShares reported on Monday.
Most of the selling pressure came from the US markets, which saw $439 million in outflows, partly offset by modest inflows from Germany and Switzerland. Bitcoin ETFs led the decline with $946 million in redemptions.
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