CoinShares, a digital asset management company, reported that institutional crypto investors poured hundreds of millions of dollars into digital asset products last week following the Federal Reserve’s interest rate cut announcement.
In its latest report on digital asset fund flows, CoinShares stated that the inflow into institutional crypto investment products surged to $321 million after Federal Reserve Chairman Jerome Powell announced the Federal Open Market Committee’s (FOMC) decision to cut rates by 50 basis points (bps).
“Investment into digital asset products continued to flow in for the second consecutive week, totaling $321 million. This increase is likely driven by the comments from the 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 stand at $9.5 billion, a 9% increase from the previous week.”
Source: CoinShares
The United States led the region with an inflow of $277 million. Switzerland followed closely 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 share of the inflow at $284 million, as per usual. 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 small but consistent weekly inflows, totaling $3.2 million last week.”
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