Digital Assets Experience Largest Outflow Since March 2024 Due To Hawkish Fed Stance

According to PANews, data from CoinShares weekly report indicates that digital asset investment products have experienced the largest outflow of funds since March 22, 2024, totaling $600 million. This is primarily due to the Federal Reserve's FOMC meeting exhibiting a more hawkish stance than anticipated. Bitcoin was the most affected asset, with an outflow of $621 million, while products shorting Bitcoin attracted an inflow of $1.8 million. Despite the selling pressure on Bitcoin, altcoins such as Ethereum, LIDO, and XRP saw relatively small inflows of funds, amounting to $13 million, $2 million, and $1 million respectively. Additionally, the total digital asset trading volume for the week was $110 billion, lower than this year's weekly average of $220 billion, but significantly higher than last year's $20 billion. In terms of regional distribution, the United States led the outflow of funds, totaling $565 million. This was followed by Canada, Switzerland, and Sweden. However, Germany bucked the trend, attracting an inflow of $17 million.