Crypto Takes a Spill 😨

Well folks, looks like the crypto world took a tumble this week. It seems those fancy schmancy Fed guys and their “higher-than-expected CPI data” scared the bejeebers out of investors. CoinShares says a whopping $415 million fled the digital asset scene, ending a 19-week streak of inflows. 🤯

You’d think with all the doom and gloom around Bitcoin and the altcoins, folks would be running for the hills. Nope, they kept pouring money in even when trade tariffs and DeepSeek were making everyone nervous. But this week, even the most die-hard crypto faithful started looking for the nearest exit.

James Butterfill, head of research at CoinShares, basically said, “See ya, suckers!” (But in a much more professional way, of course). He pointed to Fed Chair Jerome Powell’s hawkish pronouncements and that pesky CPI data as the culprits. Turns out, even crypto bros can’t stand the thought of higher interest rates. Who knew? 😜

The U.S. was hit the hardest, with $464 million vanishing faster than a Bored Ape at a Dave Chappelle show. But hey, at least Germany, Switzerland, and Canada resisted the urge to panic and actually poured some money into the digital abyss.

Bitcoin took the biggest hit, with $430 million disappearing. Short-Bitcoin products also got the boot, losing $9.6 million. Ethereum wasn’t spared either, shedding $7 million. But Solana, XRP, and Sui were the darlings of the week, attracting inflows of $8.9 million, $8.5 million, and $6 million respectively. Guess those spot ETF applications were all the hype they needed. 📈

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2025-02-17 18:50