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Crypto Funds Saw Inflows of $862M Last Week Following $1B of Outflows the Week Before: CoinShares
The recovery from the week before coincided with a recovery in BTC's price which sat at just under $70,000 on March 29, up nearly 10% on a week earlier
Updated Apr 2, 2024, 11:41 a.m. Published Apr 2, 2024, 11:38 a.m.
- Digital asset investment products recorded inflows of $862 million last week.
- BTC-related inflows totaled $865 million throughout the week.
- The previous week's $1 billion of outflows brought to an end a run of seven straight weeks of net inflows.
Digital asset investment products recorded inflows of $862 million last week following outflows of nearly $1 billion the week before, according to alternative asset manager CoinShares.
The trend was led by U.S.-based funds, which saw $897 million of inflows, while Europe and Canada witnessed a combined $49 million of outflows.
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The recovery from the week before, which saw outflows of $931 million, coincided with a recovery in BTC's price which sat at just under $70,000 on March 29, up nearly 10% on a week earlier.
The CoinDesk 20 Index (CD20), which provides a weighted performance of the digital asset market, rose around 8.6% during the same period. BTC has however started this week in the red, currently down nearly 6% in the last 24 hours, sitting just below $65,500. CD20 meanwhile has declined 7.28%.
BTC-related inflows totaled $865 million throughout the week, according to CoinShares' data.
The bitcoin ETFs of BlackRock (IBIT) and Fidelity (FBTC) both registered over $600 million of inflows, offsetting the $960 million exiting Grayscale's GBTC.
"While this recovery is encouraging, ETF activity is slowing down, with daily trading turnover now at US$5.4bn, down 36% relative to its peak 3 weeks ago, although this remains well above the US$347m 2023 average, implying the initial market hype is cooling," CoinShares said.
The previous week's $1 billion of outflows brought to an end a run of seven straight weeks of net inflows, culminating in nearly $3 billion being registered in the week ending March 15.
Read More: Crypto Funds Weekly Inflows Surge to Record of $2.7B
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