In the previous week, digital asset inflows into crypto investment products rebounded, marking a notable shift from net outflows to net inflows totaling $862 million. This contrasts with the $931 million in net outflows recorded the week before.
Despite the overall increase in digital asset inflows, the enthusiasm for spot Bitcoin exchange-traded funds (ETFs) appears to be waning. Daily trading volume for ETFs has dwindled to $5.4 billion, a 36% decrease from its peak of $9.5 billion observed in early March.
Bitcoin emerged as the primary recipient of digital asset flows, garnering $863 million in inflows, largely fueled by ETF demand. Spot BTC ETFs attracted $1.8 billion in inflows, overshadowing the $965 million in outflows from the Grayscale Bitcoin Trust (GBTC).
Despite being three months post-approval in the United States, Grayscale’s ETF continues to experience substantial outflows. These persistent outflows from GBTC have exerted significant selling pressure on BTC prices in recent weeks.
The selling pressure from ETFs has been evident in the BTC price, which witnessed a $4,000 drop over the past 24 hours, trading slightly above $66,000 at the time of reporting. Many analysts perceive this as a routine correction preceding the Bitcoin halving event scheduled for April 20.
Ether recorded its fourth consecutive week of outflows, totaling $19 million. Meanwhile, the altcoin market experienced a net inflow of $18.3 million, with Solana’s token leading the charge with $6.1 million in inflows.
The United States recorded the largest outflows in the past week, totaling $897 million, while Europe and Canada combined saw $49 million in outflows.
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