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.
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The post ‘Unprecedented’ Post-Election Streak for Crypto Products Ends As Institutions Dump $415,000,000: CoinShares appeared first on The Daily Hodl.