Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals
30 Avril 2024 - 5:00PM
NEWSBTC
Crypto investment products are now going through rough times, as
shown by inflow and outflow data. The crypto market is known for
its volatile market cycles of ups and downs. Investment products
are now struggling, and confidence in the space seems shaken.
Crypto funds have now seen outflows for three straight weeks, with
investors pulling $435 million from digital asset funds last week,
according to CoinShares data. The recent stretch of outflows
highlights the souring investor sentiment around some digital
assets after a bull run earlier this year. The Third Consecutive
Week Of Crypto Withdrawals CoinShares’ recent weekly report on
digital asset fund flows has revealed the current sentiment among
institutional investors. According to the report, investment funds
witnessed $435 million in outflows last week to mark the biggest
outflow since March. This comes on top of the $206 million and $126
million pulled out in the previous two weeks. Unsurprisingly, the
majority of outflows came from Bitcoin funds. Of the total $435
million outflows, $423 million came from Bitcoin funds. Notably, a
bulk of Bitcoin’s outflows ($328 million) came from Spot Bitcoin
exchange-traded funds (ETFs) in the US. A look into previous crypto
fund flow data since the beginning of the year shows that the
majority of the inflows recorded in January, February, and March
can be attributed to the Spot Bitcoin ETFs. These ETFs recorded so
much inflow of funds that investment products were able to record
their best year on record in less than three months. However,
inflows into these ETFs have declined in the past few weeks, and
the largest digital asset is now failing to attract inflows amidst
interest rate stagnation in the US market. Grayscale’s GBTC, in
particular, continued its run of withdrawals, recording $440
million in outflows. At the same time, the other ETFs failed to
attract inflows during the week in order to offset these
withdrawals. BlackRock’s IBIT, for instance, failed to register
inflows for three days straight last week, bringing its 71-day run
of inflows to an end. Ethereum, the altcoin king, also
witnessed $38.4 million in outflows last week to offset inflows
into other altcoins. Inflow data shows investors pouring $6.9
million worth of inflows into multi-coin investment products.
Solana, Litecoin, XRP, Cardano, and Polkadot witnessed $4.1
million, $3.1 million, $0.4 million, $0.4 million, and $0.5 million
in inflows, respectively. Short Bitcoin products also witnessed
$1.3 million in inflows, showcasing a glimpse into investors’
sentiment. What’s Next? Investor sentiment can shift quickly in the
fast-moving crypto space and the coming weeks may provide more
clarity on the direction of crypto fund flows. Six Spot Bitcoin and
Ether exchange-traded funds (ETFs) are set to launch in Hong Kong
today April 30. Their entry into the Asian market has been long
anticipated and is expected to surpass the first-day inflow record
set by their counterparts in the US. Total market cap drops amid
outflows | Crypto total market cap from Tradingview.com Featured
image from StormGain, chart from Tradingview.com
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