Cryptocurrency traders yet again pulled their money out from bitcoin ( BTC-USD ) funds last week, when a round of hotter-than-expected economic data spurred prospects of a higher-for-longer interest rate path set by the Federal Reserve, according to a CoinShares report published Monday. Expectations of increased Fed hawkishness weighed on riskier assets for the week ended Feb. 24, with bitcoin ( BTC-USD ) dipping 6.6%. Overall, digital asset investment products recorded minor outflows of $2M, the report highlighted, "although this masks broader negative sentiment as the largest inflows were into short investment products." For the third straight week, bitcoin ( BTC-USD ) funds saw outflows totaling $12M, and short-bitcoin funds logged inflows of $10M. "We believe this reaction reflects nervousness amongst US investors prompted by the recent stronger than expected macro data releases, but also highlights its sensitivity to the regulatory crackdown in the US," crypto asset manager CoinShares said . Elsewhere, ethereum ( ETH-USD ) funds saw outflows of only $200K last week, and minor outflows were seen in polygon ( MATIC-USD ) ($600K), solana ( SOL-USD ) ($500K) and cardano ( ADA-USD ) ($400K). See why Seeking Alpha contributor Nathan Aisenstadt expects the price of bitcoin ( BTC-USD ) to slide in the next two weeks .
