Altcoins Shine: $MANA, $BAT, $LDO See Large Inflows Despite Bitcoin’s Jitters

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