Investor fervor for Bitcoin ETFs cools despite $646 million weekly surge in crypto funds Investor fervor for Bitcoin ETFs cools despite $646 million weekly surge in crypto funds
Total assets under managements for crypto ETPs soared to $94.47 billion, driven by record investment inflows.
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Updated: Apr. 8, 2024 at 3:16 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto-related investment products continued their upward trajectory, recording inflows of $646 million within the past week, according to CoinShares‘ weekly report.
This inflow brings the total for the year to an unprecedented $13.8 billion, propelling the total assets under management to a staggering $94.47 billion.
Bitcoin ETF hype moderating
Trading volume for crypto investment products declined last week, dwindling to $17.4 billion from the $43 billion recorded in the first week of March. This suggests a potential moderation in investor interest in Bitcoin exchange-traded funds (ETF) after weeks of consecutive hype.
Meanwhile, Bitcoin remains the focal point for investors, maintaining its market dominance since the ETF approvals in January. During the past week, BTC-related products witnessed a substantial positive net flow of $663 million.
The lion’s share of this inflow came from BlackRock’s iShares, which amassed $811 million, with Fidelity FBTC following at $395.83 million. In contrast, Grayscale GBTC recorded $731 million in outflows.
While Bitcoin products flourished, outflows from other digital assets caused the total net flow to dip to $646 million. Ethereum witnessed its fourth consecutive week of outflows, shedding an additional $22.5 million. Consequently, ETH’s year-to-date net flows have dropped to $52 million.
Conversely, select altcoins demonstrated resilience. Solana, Litecoin, and Filecoin attracted notable inflows of $4 million, $4.4 million, and $1.4 million, respectively.
Moreover, the current bullish sentiment in the market resulted in short Bitcoin products experiencing their third consecutive week of outflows totaling $9.5 million. This reflects a waning conviction among bearish investors, especially as BTC’s price jumped by approximately 4% during the past week to over $70,000 as of press time.
Despite the “moderating” appetite for Bitcoin ETFs, the United States retained its position as the leading market, with inflows totaling $648 million. Brazil, Germany, and Hong Kong also witnessed substantial inflows of $9.8 million, $9.6 million, and $9 million, respectively.
Conversely, Canada and Switzerland experienced outflows of $27 million and $7.3 million, respectively, underscoring regional variations in market sentiment.
Mentioned in this article
Bitcoin 
Ethereum 
Solana 
Filecoin 
Grayscale Investments 
BlackRock 
CoinShares 
Grayscale Bitcoin Trust iShares Bitcoin Trust 
Fidelity Wise Origin Bitcoin Trust 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
$3,151.12
Ethereum is a decentralized, open-source blockchain platform that enables the creation of smart contracts and decentralized applications (DApps).
Solana
$239.054
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.
Filecoin
$4.59962
Filecoin is a peer-to-peer network that stores files on the internet, with built-in economic incentives to ensure files are stored reliably over time..
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
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.