Profit-taking broke a 15-week winning streak of global cryptocurrency ETPs last week after hawkish remarks that followed last week’s US Fed rate decision.
Cryptocurrency investment products ended last week in the red, interrupting 15 weeks of consecutive inflows after investor sentiment took a hit from hawkish remarks during last week’s Federal Open Market Committee (FOMC) meeting.
Global crypto exchange-traded products (ETPs) saw $223 million worth of outflows last week, according to the latest report from crypto asset management firm CoinShares, published Monday.
Despite a strong start to the week with $883 million worth of inflows, the “trend reversed” in the second half of the week, “likely triggered by the hawkish FOMC meeting and a series of better-than-expected economic data from the US,” the report said, adding:
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