Following Fed Rate Cut Signals, $533 Million Floods into Crypto Products: CoinShares
CoinShares reports a significant influx of $533 million into digital asset investment products last week, driven by speculation of upcoming Fed rate cuts.
This marks the highest inflow in five weeks and follows comments by Fed Chair Jerome Powell suggesting a potential rate cut in September. Bitcoin saw the largest share of inflows at $543 million, reflecting its heightened sensitivity to interest rate changes. The US led regional inflows with $498 million, while Hong Kong and Switzerland attracted $16 million and $14 million, respectively.
Conversely, Germany experienced $9 million in outflows, and Ethereum products saw $36 million in outflows, though new Ethereum ETFs have partially countered this with $3.1 billion in inflows.
Clever Robot News Desk 27th August 2024
