CoinShares, Europe’s largest digital asset management company, shared its weekly crypto fund report. Crypto funds closed last week with a loss of $305 million. The biggest share was in Bitcoin as always. While $319 million came out of Bitcoin funds, this figure was $5.7 million for Ether funds.

“We continue to expect the asset class to become increasingly sensitive to interest rate expectations”

CoinShares chief research analyst James Butterfill interpreted this as ‘sentiment turning broadly negative’ and said, “We believe this was driven by stronger-than-expected economic data in the US, which has diminished the likelihood of a 50-basis point interest rate cut. We continue to expect the asset class to become increasingly sensitive to interest rate expectations as the FED gets closer to a pivot.”

‘Short-Bitcoin’ funds have seen the largest inflows since March. These funds, which completed the previous week positively, closed last week with an inflow of $4.4 million.

The inflow of a significant amount of $7.6 million into Solana funds did not go unnoticed.

While a total of $11 million was invested in blockchain-based funds, most of these were mining stocks that have fallen seriously in the recent period.

Cardano (ADA) and Litecoin funds received $300 thousand each, and Binance (BNB) funds received $800 thousand.