Digital asset fund flows | November 3rd, 2025

Powell’s hawkish tone drives US$360M in digital asset outflows

• Digital asset investment products saw outflows totalling US$360m last week, as investors viewed Fed Chair Powell’s comments on potential December rate cuts as hawkish, leaving markets in a state of uncertainty.

• The US led outflows with US$439M, Bitcoin ETFs bore the brunt, seeing US$946M in outflows amid rate-related pressure.

• Solana attracted US$421M in inflows — the second largest on record — driven by new US ETFs.

Digital asset investment products saw outflows totalling US$360m last week despite the recent US interest rate cut, as investors interpreted Fed Chair Jerome Powell’s comments on the likelihood of another cut in December as “not a foregone conclusion.” This hawkish tone, combined with a notable absence of key US economic data releases, appears to have left investors in a state of limbo.

Regionally, negative sentiment was concentrated primarily in the US, which saw outflows totalling US$439M. This was partially offset by modest inflows from Germany and Switzerland, totalling US$32M and US$30.8M respectively.

Bitcoin ETFs were the only major digital asset products to experience significant outflows last week, amounting to US$946M. We believe that, despite the recent interest rate cut, the hawkish interpretation of Jerome Powell’s remarks weighed heavily on Bitcoin prices, as it remains the digital asset most sensitive to monetary policy developments.

Solana saw inflows totalling US$421M last week, the second largest on record, with inflows flowing into the recently launched US ETFs, bringing year-to-date inflows to US$3.3B. Ethereum also saw inflows totalling US$57.6M last week, but daily flows highlighted mixed sentiment from investors.