Today in crypto, after 15 consecutive weeks of inflows, cryptocurrency investment products ended last week in the red, the US commodities regulator has pledged to begin implementing recommendations from the White House’s latest crypto report, and an iconic Satoshi Nakamoto statue has been recovered in Lugano.
Crypto funds see $223 million outflow, ending 15-week streak as Fed dampens sentiment
Cryptocurrency investment products ended last week in the red, interrupting 15 weeks of consecutive inflows after investor sentiment took a hit from hawkish remarks during last week’s Federal Open Market Committee (FOMC) meeting.
Global crypto exchange-traded products (ETPs) saw $223 million worth of outflows last week, according to the latest report from crypto asset management firm CoinShares, published Monday.
Despite a strong start to the week with $883 million worth of inflows, the “trend reversed” in the second half of the week, “likely triggered by the hawkish FOMC meeting and a series of better-than-expected economic data from the US,” the report said, adding:
“Given we have seen US$12.2bn net inflows over the last 30 days, representing 50% of inflows for the year so far, it is perhaps understandable to see what we believe to be minor profit taking.”
US Federal Reserve Chair Jerome Powell’s remarks also dampened investor expectations of an interest rate cut for September to 40% from 63% before the FOMC meeting, Cointelegraph reported last Thursday.
CFTC starts “crypto sprint” with SEC following White House plans
The US Commodity Futures Trading Commission has launched a “crypto sprint” to begin implementing crypto-related recommendations from a report by the US President Donald Trump’s Working Group on Digital Asset Markets.
CFTC Acting Chair Caroline Pham said on Friday that the agency would “work closely” with Securities and Exchange Commission Chair Paul Atkins and Commissioner Hester Peirce on its “Project Crypto” initiative announced on Thursday.
“The CFTC is wasting no time in fulfilling President Trump’s vision to make America the crypto capital of the world,” Pham said.
Iconic Satoshi Nakamoto statue recovered after theft
The iconic statue of Satoshi Nakamoto that was displayed in Parco Ciani, a municipal park in Lugano, Switzerland, was recovered on Saturday after the statue went missing.
Municipal workers found the statue broken into multiple pieces, thrown in the waters of Lake Lugano and on the surrounding lakeshore.
“You can steal our symbol, but you will never be able to steal our souls,” Satoshigallery, the art collective that installed the Satoshi statue, wrote in an X post.
The iconic work of art by the Italian artist and Bitcoin advocate Valentina Picozzi is viewed as a symbol of the Bitcoin community and the global movement to adopt a neutral monetary protocol that separates money from central banks and government authorities.