Bitcoin funds see $319 million in spending as US economic data strengthens.
Key receivers
Digital asset investment products saw $305 million in spending last week. Short bitcoin investment products saw $4.4 million in revenue, the largest since March.
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Cryptocurrencies experienced $305 million in outflows last week, while Bitcoin (BTC) was burdened by $319 million, according to CoinShares.
Short bitcoin funds saw $4.4 million inflows, the largest since March. Ethereum (ETH) experienced a withdrawal from $5.7 million, with trading volume reaching only 15% of the levels seen during the US exchange-traded fund's (ETF) launch week compared to pre-launch volumes. Meanwhile, Solana's funds attracted $7.6 million in revenue.
The flows were driven by stronger-than-expected US economic data, reducing the likelihood of a 50-basis rate cut. As the Federal Reserve approaches a pivot, the asset class is expected to become more sensitive to interest rate expectations.
Regionally, the US led with $318 million in spending, followed by Germany and Sweden with $7.3 million and $4.3 million, respectively. Switzerland, Canada and Brazil saw the lowest revenue of $5.5 million, $13 million and $2.8 million respectively.
Blockchain stocks bucked the trend with $11 million in revenue, particularly in Bitcoin mining-based investment products.
The US-traded ETF lost $290 million.
Spot crypto ETFs traded in the United States lost $290 million last week, recording interesting moves. IBIT, the Bitcoin ETF managed by BlackRock, started the week strong with $224.1 million in revenue on August 26.
Three days later, IBIT showed the second outflow of Bitcoin ETFs since they started trading in the US, leaving the fund with $13.5 million in cash. However, the net outflow stood at more than $210 million.
However, IBIT's positive net inflows were not enough to outpace the outflows recorded by other funds last week.
ARK 21 Shares' ARKB reached $221 million in outflows alone, making it the Bitcoin ETF with the largest negative net inflow.
Moreover, Greyscale's GBTC added to the bubble with outflows of nearly $120 million, followed by Bitwise's BITB and Fidelity's FBTC with outflows of $56.6 million and $62.7 million, respectively.
As for where Ethereum ETFs are traded in the US, there has been little activity in the past week. These funds recorded $12.4 million in outflows, with Greyscale's ETHE accounting for all of the capital fleeing.
On the other hand, BlackRock's IBIT On August 28, the only day the fund was registered, it added $8.4 million to the flow. Notably, there were no flows on Friday, the first day of U.S.-traded Ethereum ETF history that saw no activity.
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