Last week, the cryptocurrency market experienced a decrease in inflows amounting to $646 million. It seems that the excitement surrounding Bitcoin ETFs might be waning.
In a recent blog post by CoinShares, it was disclosed that last week’s crypto investments amounted to $646 million. This addition brings the total for the year up to $13.8 billion, surpassing the entire 2021 inflow of $10.6 billion. While this data indicates a positive trend, CoinShares analyst James Buterfill presented contrasting perspectives from ETFs.
According to Butterfill’s observation, the amount of money flowing into ETFs during the last week was lower than what was observed in early March. This decrease suggests a decreased interest from investors in ETFs. Based on data from CoinShares, BlackRock’s iShares saw inflows worth $881 million, while Fidelity Investments’ ETFs had inflows of $395 million. Conversely, there were outflows totaling $731 million from the Grayscale Bitcoin Trust and $76 million from both Ark Invest and 21Shares’ BITB.
The dwindling interest in spot Bitcoin ETF may have been caused by a drop in BTC price from its All-Time High (ATH) of $73,750 to $67,000. Across various jurisdictions, crypto sentiments remain divided. To fully comprehend this, the United States saw an additional inflow of $648 million.
Countries like Brazil, Germany, and Hong Kong didn’t miss out as they each received approximately $10 million, $9.6 million, and $9 million in investments. On the other hand, Switzerland and Canada experienced outflows of around $27 million and $7.3 million respectively.
In terms of cryptocurrencies, Bitcoin (BTC) received the most attention with a total inflow of $663 million. On the other hand, there were continuous outflows of $9.5 million from short Bitcoin investment products for the third consecutive week. This indicates that some investors in Bitcoin might be selling their holdings due to unfavorable market circumstances.
Moreover, Ethereum, the second-largest cryptocurrency by capitalization responded to the market with outflows totaling $22.5 million for the fourth consecutive week. This move is in stark contrast to a majority of other altcoins, which continue to enjoy inflows. For instance, Litecoin (LTC), Solana (SOL), and Filecoin (FIL) had inflows of $4.4 million, $4 million, and $1.4 million, respectively.
Bitcoin’s Price Sees Uptick
Currently, Bitcoin is priced at $71,825 and has risen by 3.63% over the past day. The total value of all existing Bitcoins, or its market capitalization, amounts to $1.4 billion. The trading volume for Bitcoin has surged by an impressive 78.85% in the last 24 hours, reaching $35 billion. A bullish trend reversal on the four-hour chart suggests that the buyers are now in charge.
In simple terms, the cost of top cryptocurrencies is rising rapidly just before the upcoming halving event. As we’ve shared before on Coinspeaker, this significant occurrence is expected to significantly increase Bitcoin’s value. The recent surge could also lead to an influx of crypto investments into the market during this week and second quarter.
Read More
Sorry. No data so far.
2024-04-08 18:18