Digital asset investment products, such as Bitcoin and Ethereum ETFs, saw $48 million of inflows last week, according to CoinShares. Bitcoin products had $214 million in net inflows, while Ethereum products experienced $255 million in outflows. The overall crypto market was affected by macroeconomic concerns, causing investors to withdraw $940 million from digital asset investment products. CoinShares Head of Research James Butterfill noted that macroeconomic data now seems to be a key driver of asset prices. Bitcoin's price fell 10% to $91,600 over the past week, reaching its lowest level in two months. However, XRP saw $41 million of inflows, with "heightened optimism" ahead of an approval deadline for spot XRP ETFs in the US. Despite the less favorable odds of Fed rate cuts, inflows into crypto assets could potentially increase as spot Bitcoin ETFs gain approval and more governments and corporations buy Bitcoin.
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