According to a Coinshares report published earlier in the day, global cryptographic investment products linked to Bitcoin (BTC) and Ethereum (ETH) experienced total $ 1.1 billion outings in last week. On the other hand, the Solana (soil) investment products attracted $ 291 million in entries.
Bitcoin, Ethereum products bleed while Solana shines
Crypto Investment Products experienced a total net output of $ 812 million in last week, mainly driven by Bitcoin products, which hired $ 719 million in weekly outings. Ethereum followed with its investment products, losing funds worth 409.4 million dollars.
The report attributes the flow of BTC and ETH investment products to lower expectations of interest rate reductions this year, following stronger macroeconomic data than provided in the United States. In particular, GDP and the figures of sustainable products have been revised upwards, showing the resilience of the economy.
That said, the cumulative entrances from month to start (MTD) remain strong, oscillating around the $ 4 billion mark. Similarly, the cumulative entries of the year at the start of the year (YTD) amounted to $ 39.6 billion, which is close to the 48.6 billion dollars record last year.
In particular, the Ishares Bitcoin fund, negotiated in Bitcoin (ETF) of BlackRock has lost $ 68 million in funds. Meanwhile, the GBTC ETF of Grayscale Investments experienced $ 300 million in outings, while the FBTC of Fidelity has witnessed $ 738 million outings. The report adds:
Above all, there was no proportional increase in the demand for investment products in Court-Bitcoin, which suggests that the negative feeling was probably at low conviction and likely to be temporary.
In terms of countries, the United States has seen $ 1.03 billion outings, while Sweden crypto products lost $ 13.4 million in funds. On the contrary, Swiss products have gained $ 126 million, while Canadian investment products attracted $ 58.6 million in entries.
Unlike Bitcoin and Ethereum investment products, Solana Investment Products shone because they attracted entries worth $ 291 million. Even more impressive Solana products have made $ 1.8 billion in funds on a YTD basis.
In addition to the positive momentum in investment products, Sol also notes an upward price action while it regularly progresses towards its $ 293 value of all time (ATH), recorded earlier this year in January.
Analysts claim that the recent positive soil price action can be attributed to the growing probability that SOB ETF are approved in the short term. A recent report do These ETFs based on ground could be approved in as little as two weeks.
Will macroeconomic factors benefit cryptocurrencies?
Last data De Fedwatch gives a probability of 68% of the American Federal Reserve (Fed) lowering Interest rate of 50 basic points (BPS) at its meeting on December 10. The drop in rates should benefit at risk assets, including cryptocurrencies such as BTC, ETH and soil.
In addition, the lower inflation readers lower than lower encourage Fed to reduce interest rates on an even larger scale. At the time of the press, BTC is traded at $ 113,628, up 3.1% in the last 24 hours.
Star image of Unsplash.com, Fedwatch graphics and tradingView.com
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