Macroeconomic data once again ‘key driver’ of crypto prices, CoinShares says
Macroeconomic signals drove sharp reversals in crypto flows last week, CoinShares reports, with $940 million in outflows wiping out early inflows.
Digital asset investment products saw $48 million in net inflows, but nearly $1 billion that poured in earlier in the week was offset by $940 million in outflows as fresh economic data and hawkish Federal Reserve minutes rattled investors, said James Butterfill, head of research at CoinShares, in a Jan. 13 research report.
Bitcoin (BTC) led with $214 million in inflows but faced the largest outflows among digital assets later in the week. Butterfill notes that despite the outflows, BTC remains the “best-performing asset with $799 million in inflows year-to-date.”
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