Bitcoin leads over $800 million global crypto ETP market rebound, overshadowing Ethereum outflows

    2024.04.01 | exchangesranking | 72onlookers
    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
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