Bitcoin leads over $800 million global crypto ETP market rebound, overshadowing Ethereum outflows Bitcoin leads over $800 million global crypto ETP market rebound, overshadowing Ethereum outflows
Ethereum ended March with net outflows of more than $67 million.
1 min read
Updated: Apr. 1, 2024 at 3:05 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Last week, the digital asset market witnessed a significant influx of over $800 million, spearheaded by Bitcoin’s dominance, according to the weekly flow report shared by CoinShares‘ head of research James Butterfill.
This surge marks a swift rebound following the near $1 billion outflow observed in the previous week.
Bitcoin, US see significant inflows.
Bitcoin experienced a substantial $865 million net flow, propelled by inflows into newly introduced exchange-traded funds in the United States.
The trio of BlackRock IBIT, Fidelity FBTC, and Ark 21 Shares ARKB collectively attracted $1.53 billion in inflows.
In comparison, outflows from Grayscale’s GBTC continue apace, with $960 million recorded during the past week. This brings the total outflows from GBTC to more than $6 billion in March and $14.7 billion on the year-to-date metrics.
Across geographical distribution, the United States remains the dominant player thanks to the advent of the spot Bitcoin ETF products. During the past week, the country saw $897 million in inflows, bringing its monthly total flows to $5.7 billion.
Meanwhile, Brazil and Australia saw modest inflows of $2.9 million and $1.5 million during the past week.
However, Canada and several European countries, including Germany, Switzerland, and Sweden, reported outflows ranging from $2.4 million to $20.3 million, aligning with their negative monthly performance trends.
Ethereum sees outflows
Ethereum sustained its streak of consecutive outflows, with another $19 million in negative flow, bringing its total outflows for the preceding month to $67.2 million.
On the flip side, several altcoins experienced positive momentum, with Solana, Litecoin, XRP, Cardano, and Polkadot all registering inflows. Solana led the pack with inflows of $6.1 million, while XRP notably attracted $3.8 million despite ongoing developments in the Ripple case against the US Securities and Exchange Commission (SEC).
Short Bitcoin products also experienced $2 million in outflows this time, reflecting the returning optimism in the market as Bitcoin steadied around the $70,000 mark over the past week.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
XRP 
Litecoin 
CoinShares 
Ark Invest 
BlackRock 
Fidelity Investments 
Grayscale Bitcoin Trust iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 
ARK 21Shares Bitcoin ETF Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Ethereum
$3,138.82
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$237.003
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
XRP
$1.07539
The XRP Ledger is a decentralized cryptographic ledger powered by a network of peer-to-peer servers.
Litecoin
$91.0077
Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Ark Invest
ARK Investment Management LLC (ARK Invest) holds a precision lens on thematic investing.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Fidelity Investments
Fidelity Investments Inc., commonly referred to as Fidelity, is a multinational financial services corporation based in Boston, Massachusetts.
The Grayscale Bitcoin Trust (GBTC) is a digital currency investment product that provides investors with access to Bitcoin through traditional investment channels.
The BlackRock Bitcoin ETF, known as the iShares Bitcoin Trust (IBIT), is an investment fund that provides regulated exposure to Bitcoin for investors.
The Fidelity Wise Origin Bitcoin Trust (FBTC) is a spot Bitcoin ETF that offers investors exposure to the price of Bitcoin.
The ARK 21Shares Bitcoin ETF (ARKB) is a digital asset ETF that seeks to track the performance of bitcoin, as measured by the performance of the CME CF Bitcoin Reference Rate – New York Variant (the “Index”).