Outflows from cryptocurrency investment products for the week of 18–24 February totalled $1.9 million, after a peak of $31.7 million in the prior week—the highest since December 2022, according to CoinShares.
Moderate outflows were masked by a notable inflow of $9.9 million into structures that allow short exposure to the leading cryptocurrency (Bitcoin) — in the prior reporting period the inflow was $3.7 million.
From traditional Bitcoin funds, investors withdrew $11.7 million (versus $24.8 million a week earlier).
Macro data heightened concerns among investors that the Fed would be more hawkish than expected. American investors were among the most nervous, not least due to regulatory pressure, explained the analysts.
In altcoins, momentum was mixed. Ethereum- and Litecoin-based products recorded outflows of $0.25 million, while inflows to products exposed to Polygon, Solana and Cardano came in at $0.6 million, $0.5 million and $0.4 million respectively.
Products across a range of altcoins saw outflows of $1.1 million. The negative momentum continued for a thirteenth consecutive week.
Note, LookIntoBitcoin researchers highlighted the need for Bitcoin to clear the $25,000 level for movement toward $30,000.
Earlier, to the same conclusion Adam Farthing of B2C2.