Investments in Bitcoin Funds Dropped After the Fed Meeting

As it became known, this year from October 29 to November 4, about $15.6M had been withdrawn from cryptocurrency investment products. At the same time, the week before, the inflow of funds amounted to $6.1M.

Analysts note the lack of enthusiasm among investors that has been lasting for almost 2 months.

As for related news, on November 2, the Fed announced an increase in the range of the key rate by 75 basis points – up to 3.75-4% per annum. Meanwhile, there was practically no reaction from the cryptocurrency market. And the total capitalization of digital assets decreased only by 0.5%.

However, it was traditional bitcoin funds that suffered the outflow of funds amounting to $13.2M, which almost equaled to the inflow a week earlier.

It is also worth mentioning that $7.1M has been withdrawn from the structures allowing short trades on the first cryptocurrency. And the total volume over the past three weeks has grown to $28M.

Ethereum funds showed positive dynamics, with the inflow amounting to $2.7M. Recall that for almost a month, Ethereum funds had been suffering an outflow of funds.

As for other altcoin-based products, one should mention XRP-based structures (+$1.1M). According to analysts, the inflow of funds was triggered by growing confidence in Ripple’s success in the fight against SEC over the status of the token.

The number of lines is limited, to watch more log in or enter the demo account.