Weekly outflow of funds from crypto derivatives amounted to a record $942 million
96% of the outflow came from bitcoin-based products
25.03.2024 - 14:37
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2 min
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What’s new? Investors withdrew $942 million from cryptocurrencies between March 18 and March 22, marking the highest weekly outflow on record and breaking a 7-week streak of inflows totaling $12,3 billion, according to investment firm CoinShares. The recent price correction has reduced the total assets under management (AuM) of crypto investment firms by $10 billion, with the figure remaining above the previous cycle’s highs of $88 billion.
What else is known? Cryptocurrency-based exchange-traded products (ETPs) trading volume fell by 33% from the previous week to $28 billion. CoinShares believes that the indecision of investors is explained by the correction of the crypto market.
Thus, the new US spot exchange-traded funds (ETFs) based on bitcoin received only $1,1 billion, while the GBTC fund from Grayscale, which previously functioned as a trust without the possibility of redemption of shares, faced an outflow of $ 2 billion for the week.
Negative sentiment is not just in the US: Sweden, Hong Kong, Switzerland, and Germany saw outflows of $37 million, $35 million, $25 million, and $4 million, respectively. At the same time, Brazil and Canada saw inflows of $9 million and $8,4 million.
Bitcoin-based products ($904 million) accounted for 96% of the total weekly outflows. At the same time, $3,7 million was withdrawn from short positions in the asset.
BlackRock talks about low demand for ETH compared to BTC
The company is awaiting approval of an application to launch a spot ETH ETF
Ethereum, Solana, and Cardano also suffered, losing $34, $5,6, and $3,7 million respectively. In the rest of the altcoin space, the situation is different for the better, with net inflows totaling $16 million. The most notable were Polkadot ($5 million), Avalanche ($2,9 million), and Litecoin ($2 million).
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Cryptocurrency rates
-
Bitcoin
$98 345
BTC
+1.84%
-
Ethereum
$3 299.13
ETH
+0.34%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Ripple
$1.44
XRP
+30.46%
-
Dogecoin
$0.400405
DOGE
+5.31%
-
Cardano
$0.935892
ADA
+19.68%
-
Bitcoin Cash
$482.92
BCH
+1.27%
-
Polkadot
$6.34
DOT
+9.64%
-
Stellar XLM
$0.295859
XLM
+23.44%
-
Litecoin
$89.7
LTC
+1.7%