Data from CoinShares shows that institutional investors withdrew $101.5 million in digital assets in the past week amid anticipated hawkish monetary policy by the US Fed.
BTCUSD is up +1.12%, ETHUSD is up +1.41%
The reports show that the outflow between June 6 and 10 consisted of $98 million in the Americas and $2 billion in Europe. Most of the outflow was seen in bitcoin at $56.8 million and $40.7 million in Ether, respectively.
The month-to-date figures were $91.1 million worth of outflows in BTC and $72.3 million in the overall outflow for ETH. The year-to-date inflows in Bitcoin investments remain at $450.8 million.
The US inflation rate jumped 8.6% year-over-year towards the end of May to a record high in over 40 years.
CoinShares report shows that the total assets under management for Ether funds have dropped from a high of $US 23 billion in November 2021 to $8.7 billion. The report revealed that most of the withdrawals were made before the market crash.
The market is anticipating measures to be taken by the Fed to tame the soaring rate, with some market experts betting on a possible three more 0.5% rate hikes by October.
Bitcoin is trading at $22,742 after an 8.04% drop in the past 24 hours and a 23.18% plunge in weekly data. Ether is also down 3.61% at $1,226 and a 30.53% dip in the past week.