HomeCryptocurrencyDigital Asset Investment Products Rebound with $862M Inflows, ETF Activity Slows Down

Digital Asset Investment Products Rebound with $862M Inflows, ETF Activity Slows Down

-


While the Bitcoin investment products registered strong inflows, the Ethereum products registered their fourht consecutive week of outflows.

Investor sentiment towards digital asset investment products rebounded strongly last week, with total inflows reaching $862 million, nearly offsetting the previous week’s record outflows of $931 million.

As usual, the United States experienced an additional $897 million in inflows dominating the total inflows globally, while Europe and Canada combined witnessed outflows totaling $49 million. While the inflows registered a sharp rebound from the previous week of outflows, the ETF activity seems to be slowing down with daily trading turnover being under $5.4 billion. This is a staggering 36% drop from its peak three weeks ago, as per data from CoinShares.

Last week, Bitcoin experienced inflows amounting to $865 million, driven by a renewed interest from new ETF issuers in the US, resulting in $1.8 billion in inflows. However, this was offset by Grayscale’s outflows of $967 million. Meanwhile, short-bitcoin funds witnessed outflows for the second consecutive week, totaling $2 million.

Ethereum, on the other hand, saw its fourth consecutive week of outflows, amounting to $19 million. This trend is consistent post-network upgrades and reflects investor concerns regarding their success.

In the altcoin space, there were inflows totaling $18.3 million last week, with Solana leading the pack with $6.1 million inflows. On the other hand, altcoins like Filecoin, Polkadot, and Chainlink, registered notable inflows of $3.9 million, $2.4 million, and $1.9 million, respectively.

Bitcoin ETF Inflows Fumble

As we begin with the second quarter of 2024, the total inflows into all nine spot Bitcoin ETF fumbled once again. On Monday, April 1, the spot Bitcoin ETFs registered a net outflow of $85 million.

Notable occurrences include the Grayscale ETF GBTC witnessing a single-day net outflow of $302 million. Conversely, the BlackRock ETF IBIT recorded a net inflow of $165 million, while Fidelity ETF FBTC experienced a net inflow of $43.99 million. Particularly remarkable is the cumulative net inflow for Bitcoin spot ETFs, which reached an impressive $12.04 billion, highlighting ongoing investor interest in this asset class.

Amid this development, the Bitcoin price is undergoing a sharp correction dropping over 5% in the last 24 hours and slipping all the way to $66,000. This price correction has put pressure on the entire crypto market recently. Interestingly, the significant correction occurred just before the upcoming Bitcoin halving event, which is a mere 19 days away.

next

Altcoin News, Bitcoin News, Cryptocurrency News, News

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Here’s Why Dogecoin And Shiba Inu Price Surged

Dogecoin (DOGE) and Shiba Inu (SHIB) have witnessed notable price surges over these past few days. This price rally for the leading meme coins...

New Cryptocurrency Releases, Listings, & Presales Today – Pixelverse, AIRian, Metabit

Join Our Telegram channel to stay up to date on breaking news coverage The anticipated trading of Ether spot ETFs has injected a much-needed boost...

What is Pay-to-Extract? An Emerging Web3 Gaming Model

What is Pay-to-Extract?Pay-to-extract is an emerging economic model in web3 gaming where players can invest financially to accelerate resource extraction or gain exclusive in-game...

New zero energy storage tech could lead to immortal blockchains

Recent advances in the field of long-term storage could form the basis for the development of immutable digital ledgers capable of storing data for...

Most Popular