- YTD inflows hit an all-time high (ATH) of $13.8 billion.
Volume clocked by ETFs plunged to $17.4 billion last week.
Last week, there was a surge in investments in digital asset products, primarily driven by strong interest in American Bitcoin (BTC) ETFs traded on the open market.
Inflows slow down
Based on recent data from digital asset management company CoinShares, institutions invested approximately $646 million in crypto products last week, bringing the total YTD inflows to a record-breaking $13.8 billion.
This figure was approximately 29% larger than all inflows from the previous year (2021).
Last week, the inflow rate decreased significantly, reaching only about half of the $862 million observed during the previous week.
Source : CoinShares
The managed assets decreased to $94.46 billion last week, representing a 3.5% decrease compared to the previous week.
The assets under management (AuM) of an ETF, representing inflows and market value of its underlying asset, serve as a gauge for the fund’s success. A larger AuM attracts more investors due to its increased appeal.
Bitcoin does the heavy lifting. Ethereum disappoints again
Previously mentioned, a large proportion of investments went to Bitcoin, the leading institutional cryptocurrency. Over $663 million flowed into funds associated with Bitcoin last week.
With this, total inflows since the beginning of the year rose to an impressive $13.5 billion.
Last week, U.S. exchange-traded funds focused on spot markets attracted a total of $483 million in investments, according to AMBCrypto’s analysis of SoSo Value data. These ETFs, which became available for trading in early January, saw four consecutive days with positive net inflows.
However, inflows slowed considerably when compared with previous week’s of nearly $860 million.
According to CoinShares’ report, the interest in ETFs was much lower than in early March. Specifically, the total volume traded in ETFs dropped to $17.4 billion last week, while it had reached a high of $43 billion during the first week of March.
Over the past week, funds connected to Ethereum [ETH] recorded a fourth consecutive drainage, with a collective withdrawal amounting to $22.5 million.
It’s worth noting that while Bitcoin experienced significant outflows during this time, other major altcoins such as Solana (SOL) and Litecoin (LTC) saw strong inflows, with transfers amounting to $4 million for Solana and $4.4 million for Litecoin.
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2024-04-09 14:15