Top Highlights

• Investors were quick to pull cash out of Bitcoin exchange-traded funds (ETFs) last week as the number of people betting on the price of the biggest digital coin to drop soared.
• A total of $319 million exited funds from Fidelity, ARK Invest, and other Wall Street heavyweights that give investors exposure to Bitcoin, a Monday report by asset manager CoinShares said. It added that short Bitcoin investment products (that is, products used to bet that the price of Bitcoin will go down) received $4.4 million—the highest number ...
• BlackRock, the world's largest asset manager and leading Bitcoin ETF issuer, was the lone fund manager to buck the trend, with inflows of more than $219 million to its iShares ETF for the week.
• CoinShares, which itself saw $4 million leave its Bitcoin funds last week, said the reason for the largely negative sentiment was strong economic data coming out of the U.S. “We believe this was driven by stronger-than-expected economic data in the U.S., which has diminished the likelihood of a 50-basis point interest rate cut,”
• Investors have been waiting for the Federal Reserve to lower interest rates since the central bank hiked them to a two-decade high in 2022.

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