Bitcoin and Ethereum ETFs have nearly erased the gains they've logged since the start of the year.

According to a new report from digital asset manager CoinShares, during a four-day losing streak, the funds lost $1.3 billion of their collective $1.5 billion worth of inflows since the start of January. Over the last full week, $454 million worth of assets have left crypto exchange-traded products.

"Bitcoin bore the brunt of the negative sentiment, seeing $405 million outflows last week, although we also saw $9.2 million outflows from short-Bitcoin [funds], sending mixed signals as to the general market sentiment for the asset," wrote James Butterfill, the head of research at CoinShares.

Bitcoin recently traded for $91,722 after having gained 1% in the past day, according to crypto price aggregator CoinGecko.



He added that the shift in sentiment is mainly due to lower Fed rate cut expectations for March. The Federal Open Markets Committee will next meet to decide federal interest rates on January 27-28. Futures trading activity shows investors think there's a 95% chance that regulators will leave rates unchanged at their next meeting.

A week ago, futures data indicated that traders thought there was a 44% chance the FOMC would lower rates in March. But that's since dropped to 26.2%. Futures trading now indicates there's a 72.7% chance that rates will again be left the same in March.

Users on Myriad, a prediction market platform owned by Decrypt parent company Dastan, still think there's a good chance the Fed will cut rates—but it may not happen for a couple months. Predictors believe there's a 59% chance the FOMC will enact a 25-basis point cut before this July.

But while Bitcoin and Ethereum saw assets leave funds, altcoin products saw the opposite.

"Positive sentiment persisted for XRP, Solana, and Sui, drawing inflows of $45.8 million, $32.8 million, and $7.6 million, respectively," Butterfill wrote in the Monday report.

At the time of writing, the XRP and Sui had each lost just under 1% in the past day and were trading for $2.07 and $1.80, respectively. Meanwhile, Solana had gained 2.2% since Sunday and was changing hands for about $142.

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