International digital asset management firm CoinShares says institutional crypto investors have finally ended their post-US election 19-week crypto buying spree.
According to Coinshares, institutional whales pulled over $415 million out of crypto products last week after nearly 20 weeks of inflows.
“Digital asset investment products saw their first significant outflows, totaling $415m, following an unprecedented 19-week post-US election inflow streak that amassed $29.4bn — far surpassing the $16bn recorded in the first 19 weeks of US spot ETF (exchange-traded fund) launches that began in January 2024.”
Coinshares also postulates that a hawkish Fed may have precipitated the drop.
“We believe these outflows were triggered by the Congressional meeting with Fed Chair Jerome Powell, who signaled a more hawkish monetary policy stance, coupled with US inflation data exceeding expectations.”
Per the CoinShares report, the United States led outflows at $464 million. Foreign markets hardly reacted to the hawkish Fed, suggesting that CoinShares’ theory may be correct.
Germany, Switzerland and Canada took inflows of $21 million, $12.5 million and $10.2 million, respectively.
CoinShares says king crypto Bitcoin (BTC) “bore the brunt” of investor skittishness with $430 million in outflows, while Solana (SOL), XRP, and Sui (SUI) led the way for altcoins, enjoying inflows of $8.9 million, $85 million, and $6 million, respectively.
Don’t Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
Check Price Action
Follow us on X, Facebook and Telegram
Surf The Daily Hodl Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Generated Image: Midjourney
