CoinShares says 'true correction' underway after $544 million outflow from spot Bitcoin ETFs last week

The Bitcoin ETF outflows were “a reaction to the pessimism amongst investors for interest rate cuts by the FED this year,” a CoinShares analyst said.

U.S. spot Bitcoin exchange-traded funds witnessed a combined $544.1 million in net outflows last week, surpassing $1.1 billion over the past fortnight.

“We believe this is in reaction to the pessimism amongst investors for the prospect of interest rate cuts by the FED this year,” CoinShares Head of Research James Butterfill wrote, adding that the further outflows indicated a “true correction is underway.”U.S.-based crypto investment products saw the largest net outflows last week, accounting for $475 million in total. Significant net outflows were also witnessed in Canada, Germany and Hong Kong.

However, a range of altcoins bucked the trend, with Solana, Litecoin and Polygon-based products generating net inflows of $2.7 million, $1.3 million and $1 million, respectively, suggesting “investors saw the weakness in the altcoin market as a buying opportunity,” Butterfill added.

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