{"id":3907,"date":"2024-09-09T22:38:37","date_gmt":"2024-09-09T22:38:37","guid":{"rendered":"https:\/\/solanacrypto.news\/2024\/09\/09\/crypto-products-post-heavy-outflows-amid-august-decline-in-us-unemployment-rate\/"},"modified":"2024-09-09T22:38:37","modified_gmt":"2024-09-09T22:38:37","slug":"crypto-products-post-heavy-outflows-amid-august-decline-in-us-unemployment-rate","status":"publish","type":"post","link":"https:\/\/solanacrypto.news\/2024\/09\/09\/crypto-products-post-heavy-outflows-amid-august-decline-in-us-unemployment-rate\/","title":{"rendered":"Crypto products post heavy outflows amid August decline in US unemployment rate"},"content":{"rendered":"<div id=\"fxs_article_content\">\n<ul>\n<li><strong>Digital asset products record highest outflows since March, totaling $725.7 million.<\/strong><\/li>\n<li><strong>US Bitcoin ETFs saw the highest outflows following the release of lower-than-expected macroeconomic data.<\/strong><\/li>\n<li><strong>Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows.<\/strong><\/li>\n<\/ul>\n<p>CoinShares&#8217; digital assets weekly report on Monday revealed that crypto ETFs saw their highest outflows since March, totaling $725.7 million. This is suggested to have resulted from last week&#8217;s lower-than-expected Nonfarm Payroll (NFP) report.<\/p>\n<h2 class=\"fxs_headline_medium\"><strong>Crypto ETF investors reduced holdings amid lower-than-expected NFP<\/strong><\/h2>\n<p>Crypto investment products recorded a second week of outflows last week, with $725.7 million in net outflows, per CoinShares data. The report indicates that the huge outflows may have resulted from the overly high anticipation for a 25 basis point interest rate cut by the US Federal Reserve in September.<\/p>\n<p>The US and Canada spearheaded net outflows of $721 million and $28 million, respectively. On the other hand, Europe noted inflows, with Germany and Switzerland recording positive flows of $16.3 million and $3.2 million, respectively.\u00a0<\/p>\n<p>Among digital asset classes, <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/cryptocurrencies\/bitcoin\" data-fxs-autoanchor=\"\" rel=\"noopener\">Bitcoin<\/a> ETFs were the most affected, recording outflows totaling $643 million. BTC also witnessed a significant dip in its price, diving below $54K before seeing a slight correction on Monday. The decline follows August&#8217;s NFP report, which noted an in-line unemployment rate of 4.2% but lower-than-expected jobs growth.<\/p>\n<p><a target=\"_blank\" href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Screenshot 2024-09-09 215621-638615159176567953.png\" rel=\"noopener\"><img decoding=\"async\" alt=\"Weekly Crypto Asset Flows\" src=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/Screenshot%202024-09-09%20215621-638615159176567953.png\" style=\"width: 925px; height: 539px;\"\/><\/a><\/p>\n<p><small>Weekly Crypto Asset Flows<\/small><\/p>\n<p>Investors have now turned their focus toward the US <a target=\"_blank\" href=\"https:\/\/www.fxstreet.com\/economic-calendar\" data-fxs-autoanchor=\"\" rel=\"noopener\">Consumer Price Index<\/a> (CPI) data report slated for Wednesday. CoinShares notes that a 50 basis point rate cut will be possible if the CPI data comes in below expectations.<\/p>\n<p>The US presidential debate on Tuesday may also prove decisive, as Donald Trump has reiterated his support for Bitcoin and the entire digital asset market.<\/p>\n<p>Short-bitcoin ETFs, on the other hand, witnessed inflows of $3.9 million after Bitcoin&#8217;s heavy outflows. Among altcoins, Solana products saw inflows totaling $6.2 million, while Ethereum witnessed further outflows of $98.1 million.<\/p>\n<hr class=\"fxs_divider_third\"\/><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Digital asset products record highest outflows since March, totaling $725.7 million. US Bitcoin ETFs saw the highest outflows following the release of lower-than-expected macroeconomic data. Ethereum ETFs saw further outflows of $98 million, while Solana ETFs recorded minor inflows. CoinShares&#8217; digital assets weekly report on Monday revealed that crypto ETFs saw their highest outflows since [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3908,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-3907","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"_links":{"self":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3907","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/comments?post=3907"}],"version-history":[{"count":0,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/posts\/3907\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media\/3908"}],"wp:attachment":[{"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/media?parent=3907"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/categories?post=3907"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/solanacrypto.news\/wp-json\/wp\/v2\/tags?post=3907"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}