Altcoin Resilience Amid Bitcoin’s Hawkish Fed Woes
- Crypto ETFs experienced $600 million in outflows, with Bitcoin funds losing $621 million.
- Ether and some altcoins showed resilience, attracting modest inflows.
- AI-linked tokens like FET and RNDR declined up to 30% as Google search interest peaked.
Digital asset investment products suffered their largest weekly outflow since March, shedding $600 million, as investors reacted to the Federal Reserve’s hawkish stance on interest rates.
This marks the largest outflow since March 22, as reported by CoinShares on June 17. The “Weekly Asset Fund Flows” report revealed that the outflows were predominantly from Bitcoin investment vehicles, which recorded an exodus of $621 million. Short Bitcoin funds, in contrast, experienced modest inflows of $1.8 million.
— CoinShares (@CoinSharesCo) June 17, 2024
Digital asset investment products experienced US$600 million outflows, the largest since March 22, likely due to a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets.
More insights: https://t.co/IMk6laYOQb pic.twitter.com/qeB69qOhgT
The report attributed this capital flight to a more hawkish-than-expected …
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