Digital assets suffer as Bitcoin leads $726 million outflow
Digital asset investment products experienced outflows of $726 million, matching the highest outflow recorded in March. This trend is attributed to stronger macroeconomic data, increasing the likelihood of a 25-basis point interest rate hike by the US Federal Reserve. Bitcoin led the outflows with $643 million, totaling $645 million for the month. US Bitcoin ETFs faced an eight-day outflow streak, resulting in $721 million in net outflows, primarily from Fidelity’s FBTC fund, which lost $405 million. Grayscale’s GBTC saw $280 million in outflows. Ethereum-based products had $98 million in net outflows, mainly due to Grayscale’s ETHE fund losing $111 million. In contrast, Solana-based products gained $6.2 million in inflows, while Cardano saw outflows of $800,000. Litecoin and XRP products recorded cumulative inflows of $1.7 million. Europe experienced positive sentiment with inflows from Germany and Switzerland totaling $19.5 million.
