By
Godfrey Benjamin
April 29th, 2024
During the last week, the nine Bitcoin ETFs saw their lowest weekly inflows at $572 million while GBTC alone registered $767 million in outflows making the net flows negative.
Cryptocurrency investment products registered net outflows during the last week amid a tepid market sentiment. With Bitcoin and the broader cryptocurrency market showing major volatility, the total outflows from crypto investment products stood at $126 million, as per data from CoinShares.
Although the trading volumes picked up from $17 billion to $22 billion on a week-on-week basis, the total ETF/ETP activity dropped in comparison to the overall market. This clearly represented a cautious stand among investors ahead of approaching the Bitcoin halving event.
If we look at the regional bifurcation, the United States witnessed the largest outflows totaling a staggering $145 million. Other markets like Canada and Switzerland followed with outflows to the tune of $6 million and $5.7 million respectively. On the other hand, investors from Germany capitalized on the market opportunity registering net inflows of $1.7 million.
On the other hand, the total flows happening into the spot Bitcoin ETFs have also been very volatile during the last month. during the last week, the total inflows in the nine Bitcoin ETFs registered in the US were $572 million, excluding the GBTC flows.
Inflows to the 9 new bitcoin ETFs, ex. GBTC, were just $572 million this week, the worst week to date. pic.twitter.com/pMzS5gH26I
— Joe Consorti ⚡ (@JoeConsorti) April 13, 2024
On the other hand, the Grayscale Bitcoin ETF GBTC continued to bleed heavily registering more than $767 million worth of outflows. Meanwhile, BlackRock has maintained its stance, with assets under management for IBIT Bitcoin ETF surpassing $15 billion. Consequently, BlackRock has significantly narrowed the gap in Bitcoin reserves with Grayscale. It’s highly likely that a considerable portion of the outflows from GBTC has been directed towards BlackRock.
Altcoins See Net Outflows
With a subdued market sentiment around Bitcoin, the altcoins also witnessed net outflows during the past week. The world’s second-largest cryptocurrency Ethereum (ETH) witnessed net negative outflows standing at $29 million.
Apart from Solana experiencing $3.6 million in outflows last week, altcoins had a positive week overall. Some lesser-known names saw inflows, including Decentraland, Basic Attention Token, and LIDO, which received $4.9 million, $2.9 million, and $1.8 million respectively, reported CoinShares.
Over the last weekend, Bitcoin and the border cryptocurrency market witnessed major turbulence amid rising geopolitical tensions and the escalating Iran-Israel conflict. However, for now, investors have decided to look past it looking forward to the upcoming Bitcoin halving event.
The Bitcoin price has bounced back above $66,000 while altcoins have gained anywhere between 8-15% in the last 24 hours.