Digital asset investment products observed a considerable outflow of $360 million last week, even as the market was absorbing another US interest rate cut. This selling pressure stemmed not from the rate cut itself but rather from interpretations of Fed Chair Jerome Powell’s comments during the post-FOMC news conference.

Powell indicated that another cut in December is “not a foregone conclusion,” which created an unexpectedly hawkish communication that dampened market sentiment, especially in light of a lack of significant US macroeconomic data to help traders stabilize their expectations.

Solidarity with Solana

While the overall flow statistics were negative, Solana shone brightly by attracting $421 million in inflows last week—the second-highest weekly total ever recorded. This surge was largely fueled by investments into the new US ETFs, pushing Solana’s cumulative year-to-date inflows to $3.3 billion, as noted in the latest CoinShares’ Digital Asset Fund Flows Weekly Report.

Ethereum followed with net inflows of $57.6 million, although its daily flow patterns suggested mixed investor confidence. The investments were further spread with XRP attracting $43.2 million, followed by Sui at $9.4 million, Litecoin at $1.5 million, Cardano at $0.7 million, and Chainlink at $0.5 million. Meanwhile, multi-asset ETPs contributed an additional $8.3 million.

On the contrary, Bitcoin faced significant outflows, with US Bitcoin ETFs witnessing a staggering $946 million exit.

The United States was the focal point of fund pessimism with $439 million leaving American-listed investment products. Similarly, Sweden saw an additional $11 million ebbing during the same timeframe. Conversely, other countries balanced the losses; Germany observed an inflow of $32 million, and Switzerland recorded $30.8 million influx.

Canada, Australia, and Brazil noted smaller yet positive contributions, totaling $8.5 million, $7.2 million, and $1.3 million, respectively.

Market Outlook for Bitcoin at $100K

November has indeed proven to be a volatile month for the market, presenting little sign of stabilization. Bitcoin has maintained its position above the $100,000 mark for 180 days without a single day closing beneath it. Swissblock describes this level not solely as psychological but as a structural floor developed on significant volume and high confluence. This situation creates a critically asymmetric setup for November.

Should the crypto asset succeed in defending this threshold, the bullish trajectory could reset, potentially allowing for another upward movement. However, a breach below this support level raises concerns, as analysts suggested limited backing exists underneath.