Digital asset investment products recorded $360 million in outflows last week, even as markets have recently digested further US interest rate cuts. The selling pressure was not caused by the rate cut itself, but by how investors read Fed Chairman Jerome Powell's words at his post-FOMC press conference.
Powell made it clear that another rate cut in December was “not a foreseeable conclusion,” but his surprisingly hawkish comments appear to have swayed overall market sentiment, especially in the absence of any high-impact U.S. macro data that would help traders re-anchor expectations.
Double your Solana exposure
But while overall inflows trended negative, Solana once again emerged as the standout winner with $421 million in inflows last week. This was the second-largest weekly figure on record, driven primarily by inflows into new U.S. ETFs, and brought Solana's year-to-date total to $3.3 billion, according to the latest edition of CoinShares' Digital Asset Fund Flows Weekly Report.
Ethereum also saw net inflows of $57.6 million, but the daily inflow pattern shows that it remains controversial among investors. XRP was next with $43.2 million, followed by Sui with $9.4 million, Litecoin with $1.5 million, Cardano with $700,000, and Chainlink with $500,000. Multi-asset ETPs added another $8.3 million.
However, the cause was Bitcoin. A massive $946 million was lost from a US Bitcoin ETF.
The US remained the epicenter of last week's fund pessimism as $439 million was drained from US-listed investment vehicles. Sweden added an additional $11 million in outflows during the same period. n. This weakness was partially offset by other regions. For example, Germany welcomed $32 million, and Switzerland received $30.8 million.
Canada, Australia, and Brazil achieved smaller gains, totaling $8.5 million, $7.2 million, and $1.3 million.
$100,000 Bitcoin “win or lose” moment
November has been a volatile month for the market, with no signs of easing. Bitcoin has currently been above the $100,000 threshold for 180 days and has never closed below $100,000 in a single day. Swissbrock describes this zone as a structural floor and not just on a psychological level, but as an area built on large volumes and high confluences. And November will have a very asymmetrical setup.
If the crypto asset can continue to defend this region, we expect the bullish structure to effectively reset and give the market further upside room. However, the analysis firm warned that there is little support below the chart if this floor ultimately breaks.
