Fun

Digital asset inflows recover, but ETF activity is slowing down

News Feed - 2024-04-02 08:04:02

Prashant Jha12 hours agoDigital asset inflows recover, but ETF activity is slowing downDespite a net positive flow into the crypto market, spot Bitcoin ETF demand seems to have slowed down since its peak in the first week of March.4370 Total views6 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksDigital asset inflows into crypto investment products turned positive in the past week, with net inflows of $862 million compared to net outflows of $931 million a week prior.


However, the popularity of spot Bitcoin exchange-traded funds seems to be cooling down. The daily trading volume of exchange-traded funds (ETFs) has dropped to $5.4 billion, 36% less than its peak of $9.5 billion recorded in the first week of March.


Bitcoin (BTC) topped the digital asset flows with $863 million in inflows aided by ETF demand, with spot BTC ETFs recording $1.8 billion in inflows compared to $965 million in outflows from the Grayscale Bitcoin Trust (GBTC).


Grayscale’s ETF continues to see massive outflows nearly three months on from the approval of the products in the United States on Jan. 11.


Continuous outflows from GBTC have put significant selling pressure on BTC prices over the past three weeks.Grayscale Bitcoin holdings. Source: CoinGlass


Market pundits had predicted that, over time, outflows from GBTC would slow down and dry up, leading to unprecedented demand for ETFs.


However, the current investor trends indicate that the GBTC outflows are far from over, with GBTC still dominating ETF flows.


The selling pressure from ETFs is visible on the BTC price as the world’s top cryptocurrency dropped by $4,000 over the past 24 hours, trading just above $66,000 at the time of writing.


Many market analysts have called it a routine correction before the Bitcoin halving event scheduled for April 20.Crypto market sentiment turns bearish. Source: Marcel Knobloch


The BTC price correction saw nearly $500 million in liquidations while the options market heated up with heavy put calls, suggesting a bearish trader sentiment.


Related:Bitcoin exchanges’ BTC balances have dropped almost $10B in 2024


Ether (ETH) recorded its fourth consecutive week of outflows, with $19 million this past week. The altcoin market recorded a net inflow of $18.3 million last week, with Solana’s (SOL) token leading the charge with $6.1 million in inflows.


The U.S. is the region with the largest outflows in the past week, with $897 million, while Europe and Canada combined saw $49 million in outflows.


Magazine:Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments — Trezor CEO# Bitcoin# Blockchain# Cryptocurrencies# Business# Bitcoin Price# Cryptocurrency ExchangeAdd reactionRead morePrice analysis 4/2: SPX, DXY, BTC, ETH, BNB, SOL, XRP, DOGE, ADA, AVAXSpot Bitcoin ETF trading volume tripled in March to $111 billionBitcoin clings to $65K — More losses ahead for BTC price?

News Feed

OSCE Trains Uzbekistan Law Enforcement to Track and Seize Crypto, Search Dark Web
OSCE Trains Uzbekistan Law Enforcement to Track and Seize Crypto, Search Dark Web The Organization for Security and Co-operation in Europe (OSCE) has set out to teach law enforceme
Hillary Clinton Calls on Biden Administration to Regulate Cryptocurrency — Warns of Manipulation by Russia, China
Hillary Clinton Calls on Biden Administration to Regulate Cryptocurrency — Warns of Manipulation by Russia, China Former presidential candidate Hillary Clinton has called on the
Bitcoin Holds At $93,257 As Bulls Struggle To Avoid Deeper Losses
Este artículo también está disponible en español. Bitcoin (BTC) stands firm at $93,257, a crucial support level that could determine its next major move. As the battle be
Solana Faces Renewed Criticism After 10th Downtime and Bumpy Restart, but Developers Remain Optimistic
Solana Faces Renewed Criticism After 10th Downtime and Bumpy Restart, but Developers Remain Optimistic Following the initial incident on Feb. 25, Solana resolved the blockchain’s
Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B
Stablecoin Supply Doubles in 3 Months as Combined Market Cap Surpasses $20B2020 has been the year of stablecoins, as the token supply has doubled in the last three months. The aggre
OpenAI co-founder leaves for AI rival Anthropic
Tom Mitchelhill4 hours agoOpenAI co-founder leaves for AI rival AnthropicOpenAI co-founder John Schulman says he"s leaving OpenAI to focus more intently on AI alignment and "hands-on technical work" at rival fi
Microsoft pours $2.2B into Malaysia for cloud, AI expansion
Amaka Nwaokocha14 hours agoMicrosoft pours $2.2B into Malaysia for cloud, AI expansionIn a statement, Microsoft said it will collaborate with the Malaysian government to establish a “national AI Center of Excellence”
Australia’s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App
Australia"s Commonwealth Bank Lets Customers Trade Crypto Directly Through Its App The Commonwealth Bank of Australia (CBA), the country’s biggest bank, is providing custome
Bitcoin Price Ready to Resume Gains: Can the Uptrend Return?
Este artículo también está disponible en español. Bitcoin price started a fresh increase above the $62,000 zone. BTC is gaining pace and might aim for more gains above th
Chainalysis: Crypto Scam Revenue Dropped 46% in 2022
Chainalysis: Crypto Scam Revenue Dropped 46% in 2022 Revenue from cryptocurrency scams dropped 46% in 2022, according to blockchain data analytics firm Chainalysis. “We attri
FTX former execs and promotors to settle class lawsuit for $1.3M
Jesse Coghlan2 hours agoFTX former execs and promotors to settle class lawsuit for $1.3MFormer FTX and Alameda executives agreed to share information to aid in the class group’s legal fight against other alleged FTX pr
IMF Warns of Further Crypto Selloffs and More Coins Failing
IMF Warns of Further Crypto Selloffs and More Coins Failing A director with the International Monetary Fund (IMF) has warned of further selloffs in both crypto assets and equities.