The latest weekly report from CoinShares reveals a shocking fact: digital asset investment products experienced a fund exodus of $454 million (equivalent to Rp7 trillion) in the past week. This wave of withdrawals erased all the $1.5 billion inflow gains recorded in the first two days of January.

The Interest Rate Narrative Shifts, Sentiment Reverses

What's the cause? A drastic change in market expectations regarding Federal Reserve policy. Stronger-than-expected US macroeconomic data has reduced investor hopes for an interest rate cut in March. This uncertainty triggered four consecutive days of net outflows, with total withdrawals soaring to $1.3 billion.

Bitcoin and Ethereum Under Pressure, But There Are Winners

Bitcoin was hit the hardest, with related products seeing outflows of $405 million. Interestingly, short-Bitcoin products also lost $9.2 million, indicating investor confusion about short-term price direction.

Ethereum was not spared from the pressure, with withdrawals of $116 million, followed by multi-asset products losing $21 million.

Yet amidst the broad decline, XRP and Solana shined. XRP attracted $45.8 million**—the largest among altcoins—followed by Solana with **$32.8 million. SUI and Chainlink also recorded inflows of $7.6 million and $3 million respectively.

Regional Map: US Exits, Europe Enters

Geographically, the United States was the main driver of the decline with withdrawals of $569 million**. In contrast, Germany showed the highest confidence with **inflows of $58.9 million, followed by Canada ($24.5 million) and Switzerland ($21 million).

Market Analysis: "A Rejection of Optimistic Expectations"

QCP Capital highlights a concerning pattern: Bitcoin repeatedly failed to sustain levels above $92,000 despite briefly strengthening in the Asian session. According to analysts, the options market shows a shift—traders are starting to reduce short-term bullish call positions and shifting them to longer tenors, signaling delayed expectations for price increases.

"Continued selling pressure, still-high supply, and macroeconomic uncertainty continue to weigh on prices," notes the QCP report.

What Does This Mean for Investors?

This weekly report is a tangible reminder of how sensitive the crypto market is to global monetary narratives. While certain altcoins show resilience, sentiment broadly remains depressed by Fed policy speculation and macroeconomic conditions.

With volatility expected to remain high ahead of US economic and legal developments, investors are advised to be more selective—considering not only project fundamentals but also regional fund flow dynamics and exposure to US monetary policy.

The next big question: Will this outflow continue, or is this just a temporary correction before the next rally? The answer may depend on the next US inflation data—and the signals sent by The Fed.

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