Crypto asset funds post weekly outflows as unexpectedly strong macro data spooks investors

Digital asset investment products logged minor outflows of $7M last week, snapping a four-week winning streak, as stronger-than-expected macroeconomic data left some investors alarmed by the prospect of a higher for longer monetary policy stance, according to a CoinShares report published Monday. Bitcoin ( BTC-USD ), the world's largest cryptocurrency by market cap, was the main focus among investors during the week ended Feb. 10, experiencing outflows totaling $10.9M. The capital flight was accompanied by the token's 5% slump at the time, mostly driven by an unexpectedly strong jobs report and increased regulatory scrutiny of the industry. Still, there were also outflows from short-bitcoin ( BTC-USD ) investment products totaling $3.5M, the report noted. Altcoins, though, appear to have been favored with 10 altcoins (any crypto except BTC) seeing inflows of $4.8M. Ethereum ( ETH-USD ), the largest altcoin by market cap, booked inflows of $5.1M despite its 6.2% fall. Last week, (Feb. 10) Federal Reserve Board Governor Christopher Waller said it wouldn't be surprising if crypto assets go to zero, while Philadelphia Fed President Patrick Harker contended that cryptos will likely remain in demand .