Digital asset investment products recorded outflows of $360 million last week despite the market recently digesting yet another US interest rate cut. The selling pressure wasn’t driven by the rate cut itself, but by how investors read Fed Chair Jerome Powell’s language at the post-FOMC press conference.
Powell made it clear that another cut in December is “not a foregone conclusion,” a surprisingly hawkish communication that appears to have knocked sentiment across the market, especially in the absence of any high-impact US macro data releases that could have helped traders re-anchor expectations.
But while the overall flow number skewed negative, Solana emerged as the standout winner yet again after pulling in $421 million in inflows last week. This is the second-largest weekly figure on record, powered largely by inflows into the new US ETFs, which brought Solana’s year-to-date total to $3.3 billion, according to the latest edition of CoinShares’ Digital Asset Fund Flows Weekly Report.
Ethereum also saw net inflows of $57.6 million, though the daily flow pattern still shows mixed conviction among investors. XRP came in next with $43.2 million, followed by Sui at $9.4 million, Litecoin at $1.5 million, Cardano at $0.7 million, and Chainlink at $0.5 million. Multi-asset ETPs added another $8.3 million.
But the drag came from Bitcoin. US Bitcoin ETFs saw a massive $946 million in outflows.
The United States remained the epicenter of last week’s fund pessimism, as $439 million exited from American-listed investment vehicles. Sweden added another $11 million in outflows during the same period. n. This weakness was partly counterbalanced by other regions. For instance, Germany welcomed $32 million while Switzerland saw $30.8 million.
Canada, Australia, and Brazil managed smaller but positive totals of $8.5 million, $7.2 million, and $1.3 million.
November has been choppy for the market, and there appears to be no signs of relief. Bitcoin has now spent 180 days above the $100,000 threshold, without a single daily close below it. Swissblock describes this zone as a structural floor and not just a psychological level, but an area built on heavy volume and high confluence. And that sets up November with a sharply asymmetric setup.
If the crypto asset can continue defending this region, the bullish structure effectively resets, which is expected to give the market room for another upside leg. However, if this floor finally gives way, the analytics firm warned that the chart has very little support underneath.
The post Solana Just Booked Its Second-Biggest Week in History Despite Choppy Market appeared first on CryptoPotato.
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