Crypto funds log largest weekly outflows since March – report (Cryptocurrency:BTC-USD)

Cryptocurrency investment products recorded outflows last week of $600M, the highest since March 22, as market participants weighed the Federal Reserve\'s hawkish stance on interest-rate reductions, according to a Monday report by asset manager CoinShares.On Wednesday, the central bank\'s Federal Open Market Committee kept its benchmark policy rate unchanged for a seventh straight meeting, as widely expected. But policymakers scaled back its

interest-rate projection for 2024, calling for just one 25-basis-point reduction compared with the three cuts they had penciled in back in March.The outflows from digital asset funds for the week ended June 14 was "likely due to a more hawkish-than-expected FOMC meeting, prompting investors to scale back their exposure to fixed-supply assets," CoinShares said.Bitcoin (BTC-USD) products dominated the capital flight, experiencing $621M in outflows. Short-bitcoin (BTC-USD) funds saw inflows of $1.8M. The highest-profile token\'s price slipped 1.7% last week.Some altcoins saw inflows, though, including ether (ETH-USD) ($13M) and XRP (XRP-USD) ($2M), the report said.