As Bitcoin fell more than 5% last week, crypto investors continued capital withdrawals from virtual asset vehicles like spot exchange-traded funds. 

According to CoinShares, outflows from digital asset investment products amounted to $435 million, coinciding with a 6% drop in ETF trading volume. Activity reduced from over $18 billion two weeks ago to $11.8 billion last week. 

Bitcoin (BTC) and Ethereum (ETH) comprised the lion’s share of exits, with $423 million and $38 million, respectively. The bulk of this pattern, primarily found in BTC, was recorded in the U.S. and mostly domiciled in Grayscale’s converted GBTC ETF.

Grayscale’s spot Bitcoin ETF lost $440 million in outflows. While this made up the smallest GBTC withdrawals weekly since March, inflows into new spot BTC ETFs also declined. As Bitcoin prices stalled, only $126 million in cumulative capital flowed into 10 new spot BTC ETFs offered by firms like BlackRock and Fidelity. 

As Ethereum outflows correlated with BTC sentiment, crypto altcoin products garnered investments from asset managers and investors. 

“A broad range of altcoins saw inflows, with investors choosing multi-coin investment products coupled with regular favorites Solana, Litecoin, and Chainlink.”

CoinShares analysts

Over $9 million followed into these altcoin investment products, and Solana (SOL) took the lead with $4 million in inflows. Litecoin (

Go to Source to See Full Article
Author: Naga Avan-Nomayo

Did you like this?
Tip BTC Newswire with Cryptocurrency

• Bitcoin
• Bitcoin Cash
• Ethereum
• Litecoin
• Monero
• ZCash

Donate Bitcoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Bitcoin Cash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send bitcoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Ethereum to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Ether:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Litecoin to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Litecoin:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate Monero to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some Monero:

Donate via Installed Wallet Copy

[X] Click Here to Hide Donation Details

Donate ZCash to BTC Newswire

Scan the QR code or copy the address below into your wallet to send some ZCash:

Copy ZCash Address

[X] Click Here to Hide Donation Details