Key Takeaways
- Bitcoin investment products experienced $621 million in outflows last week.
- Grayscale's GBTC was the worst affected, with $273 million in outflows.
- Mixed U.S. economic signals and a hawkish FOMC stance impacted Bitcoin prices.
Bitcoin investment products saw $621 million in outflows last week, according to asset manager CoinShares. This marks the largest outflow since March 22 and contributed to a net outflow of $600 million across the broader digital asset ecosystem, primarily driven by Bitcoin’s performance.
Grayscale’s GBTC was the most affected, experiencing $273 million in outflows.
US economic data
The U.S. economic data contributed to these outflows.
While the Consumer Price Index (CPI) for May was flat, indicating stable inflation, the Federal Open Market Committee (FOMC) maintained its benchmark interest rate range at 5.25%-5.50% and signaled only one 25 basis point rate cut for the year.
This hawkish stance dampened investor sentiment, causing Bitcoin prices to drop to a four-week low of $65,100 on Friday.
As of the latest data, Bitcoin continues trading flat at around $66,000.
