Last week, people pulled back slightly from investing in cryptocurrency funds, possibly due to uncertainty surrounding Bitcoin‘s upcoming halving. The value of transactions increased from $17 billion to $21 billion. Several alternative cryptocurrencies experienced notable increases in investment.
Based on the latest report from CoinShares, Bitcoin investment products experienced outflows totaling $110 million in the past week. However, these products have still seen positive flows this month with a total of $555 million. Meanwhile, products that bet against Bitcoin attracted inflows worth $1.7 million.
In the same way, Ethereum experienced withdrawals amounting to $29 million for the fifth week in a row, whereas Solana, which previously dealt with major congestion problems, recorded only $3.6 million worth of withdrawals.
The report reveals that several less-focused-on altcoins experienced substantial investments. Decentraland’s $MANA and Brave’s Basic Attention Token ($BAT), specifically, attracted $4.9 million and $2.9 million in funds, respectively.
The native token of Lido, $LDO, attracted approximately $1.8 million worth of investments. However, US-listed Bitcoin exchange-traded funds (ETFs) have continued to hold significant influence over the cryptocurrency investment market in terms of size and impact.
According to CryptoGlobe’s latest report, a total of $91.3 million flowed into Bitcoin-related products on April 11, with BlackRock’s iShares Bitcoin Trust (IBIT) accounting for the largest portion at over $15 billion in net inflows.
Based on information from BitMEX Research, the world’s largest asset manager’s Bitcoin spot ETF experienced a substantial investment of $192.1 million on April 11, marking the largest single day inflow since April 5. On average, this ETF receives daily investments of approximately $240.4 million since its launch.
The Bitcoin Strategy ETF by Valkyrie, represented by the ticker BRRR, experienced significant investment on Thursday, with a total of $8.4 million added. This is the largest single day intake for the fund since March 26th. As a result, its overall net inflows now amount to a substantial $467.5 million.
Flows into Bitcoin ETFs were reduced due to Grayscale’s GBTC experiencing a significant outflow of $124.9 million, amounting to a total net outflow of $16.1 billion. Despite this, GBTC continues to hold a large stash of 311,664 BTC, making it the largest Bitcoin fund even before its conversion into a spot ETF.
Amongst all, BlackRock’s IBIT amassed approximately 270,978 BTC following substantial inflows since its debut.
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2024-04-16 01:11