Between September 19 and 27, $812 million was withdrawn from investment products based on digital assets, according to a report by CoinShares.
Analysts linked the negative trend to the release of fresh macroeconomic data in the US. On September 25, it was revealed that GDP in the second quarter increased from -0.5% to 3.8%, exceeding the forecast of 3.3%.
A revision of statistics for 2019-2024 confirmed an average annual growth of real GDP at 2.4%. As noted by Bloomberg, the American economy showed its fastest growth in the past two years.
Bill Adams, Chief Economist at Comerica Bank, highlighted in a comment to the publication that the news significantly reduced the likelihood of further monetary policy easing by the Fed.
Nevertheless, 89.3% of market participants still expect a 0.25% cut in the key rate at the end of October.
The cumulative inflow of funds in September remains high at $4 billion. The amount of assets attracted by exchange-traded funds since the beginning of the year has exceeded $39.6 billion, which “maintains the potential to reach last year’s record of $48.6 billion.”
The majority of the outflow was from Bitcoin products, amounting to -$719 million for the week.
“It is important to note that this was not accompanied by a commensurate increase in demand for short-position investment products on the first cryptocurrency, suggesting that the negative sentiment is likely temporary,” commented CoinShares.
From Ethereum-focused exchange-traded funds, $409 million was withdrawn. The inflow since the beginning of the year has halted at $12 billion. In September, instruments based on the second-largest cryptocurrency by market capitalization received $86.2 million.
The best results were shown by products based on Solana, which attracted $291 million. XRP funds received $93 million.
Regionally, the largest outflow was recorded in the US at -$1 billion. Other regions “showed resilience”: the leaders in inflow were Switzerland ($126.8 million), Canada ($58.6 million), and Germany ($35.5 million).
Earlier, from September 12 to 20, digital asset-based investment products showed an inflow of $1.9 billion.