Cryptocurrency investment products saw minor outflows over the past week as investors became seemingly hesitant on the market ahead of Bitcoin’s upcoming halving event, while volume rose from $17 billion to $21 billion, and various altcoins saw significant inflows.
According to CoinShares’latest Digital Asset Fund Flows report, investment products offering exposure to the flagship cryptocurrency Bitcoin ($BTC) saw outflows of $110 million over the past week, with its month-to-date flows remaining positive at $555 million. Products betting against BTC saw $1.7 million of inflows.
Similarly, Ethereum suffered $29 million of outflows in its fifth consecutive week of outflows, while its competitor Solana – which suffered significant congestion issues earlier this month – saw $3.6 million of outflows.
The report, however, details that various altcoins that often don’t get a lot of attention saw significant inflows. Decentraland’s $MANA, the native token of a metaverse platform, and Brave’s Basic Attention Token ($BAT) both saw significant inflows of$4.9 million and $2.9 million respectively.
Lido’s native token $LDO, meanwhile, saw $1.8 million of inflows. Despite these flows, spot Bitcoin exchange-traded funds (ETFs) in the United States have maintained an outsized impact on the cryptocurrency investment product market.
As CryptoGlobe reported, data shows that inflwos into these products reached $91.3 million on April 11, led by BlackRock’s iShares Bitcoin Trust (IBIT), whose total net inflows now top $15 billion.
According to data shared by BitMEX Research, the spot Bitcoin ETF offered by the world’s largest asset manager saw a significant inflow of $192.1 million on April 11, the largest daily inflow since April 5. The fund has average daily inflows of $240.4 million since it was first launched.
Valkyrie’s Bitcoin Strategy ETF (BRRR) also saw positive inflows, receiving $8.4 million on Thursday, marking its largest daily inflow since March 26 and bringing its total net inflows to $467.5 million.
Total spot Bitcoin ETFs inflows were dampened by Grayscale’s GBTC, which experienced a net outflow of $124.9 million, bringing its total net outflows to $16.1 billion. The fund, nevertheless, still holds an astonishing 311,664 BTC as it was already Bitcoin’s largest fund before it was converted into a spot ETF.
BlacRock’s IBIT, in comparison, holds 270,978 BTC after registering significant inflows since launch.
Featured image via Pixabay.
