$945,890,000 Bitcoin Exodus Recorded As Institutions Dump BTC, Accumulate Ethereum, Solana and XRP: CoinShares
Institutional investors just sold $945.89 million in Bitcoin thanks in part to Fed Chair Jerome Powell, according to a new update from Coinshares.
Overall, crypto outflows hit $360 million last week despite a fresh US interest rate cut.
CoinShares says investors appeared to react to Powell’s hawkish comments, with the market now viewing another rate cut in December as uncertain.
By region, the US led with $439 million in outflows while Europe bucked the trend, with Germany recording $32 million in inflows and Switzerland added $30.8 million.
Asset breakdowns show stark contrasts.
Although Bitcoin ETFs reached nearly $1 billion million in outflows, Solana surged with $421.11 million in inflows, its second-largest weekly haul.
Meanwhile, Ethereum witnessed $57.59 million in inflows with XRP clocking $43.18 million in inflows, highlighting mixed overall sentiment among Wall Street investors.
Generated Image: Midjourney
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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