Crypto-related investment products continued their upward trajectory, seeing inflows of $646 million over the past week, according to Coin Shares' weekly report.
This influx brings the total for the year to an unprecedented $13.8 billion, propelling total assets under management to a staggering $94.47 billion.
Moderating Bitcoin ETF Hype
Crypto investment product trading volume declined last week, falling to $17.4 billion from $43 billion recorded in the first week of March. This suggests a potential moderation in investor interest in Bitcoin exchange-traded funds (ETFs) after consecutive weeks of hype.
In the meantime, Bitcoin remains the focal point for investors, maintaining its market dominance since the ETF approvals in January. Over the past week, BTC-related products saw a substantial positive net flow of $663 million.
The lion's share of this influx came from BlackRock's iShares, which amassed $811 million, followed by Fidelity FBTC with $395.83 million. In contrast, Grayscale GBTC saw $731 million in outflows.
![Crypto Product Entries](https://cryptoslate.com/wp-content/uploads/2024/04/Screenshot-2024-04-08-144017.jpg)
While Bitcoin products thrived, outflows from other digital assets caused the total net flow to drop to $646 million. Ethereum experienced its fourth consecutive week of capital outflows, losing another $22.5 million. As a result, ETH year-to-date net flows fell to $52 million.
Conversely, some altcoins have shown resilience. Solana, LitecoinAnd Filecoin attracted notable inflows of $4 million, $4.4 million and $1.4 million, respectively.
Additionally, the current bullish sentiment in the market has resulted in short selling of Bitcoin products for the third consecutive week of outflows totaling $9.5 million. This reflects a decrease in bearish investor conviction, especially as BTC price jumped by about 4% over the past week to reach over $70,000 at press time.
Despite the “moderate” appetite for Bitcoin ETFs, the United States retained its leading market position, with inflows totaling $648 million. Brazil, Germany and Hong Kong also recorded substantial inflows of $9.8 million, $9.6 million and $9 million, respectively.
Conversely, Canada and Switzerland saw capital outflows of $27 million and $7.3 million respectively, highlighting regional variations in market sentiment.
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