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01 May 2024
Cooling interest in Bitcoin ETFs has intensified the outflow from crypto funds.

During the week of April 20 to 26, withdrawals from cryptocurrency investment products reached $435 million, marking the third consecutive week of negative dynamics, according to a report by CoinShares.

While withdrawals from the Grayscale Bitcoin Trust (GBTC) slowed to a nine-week low of $440 million, profit from new Bitcoin ETFs also decreased to $126 million (compared to the previous $254 million), analysts noted.

Trading volume of products decreased from $18 billion to $11.8 billion due to a 6% decline in the price of Bitcoin.

Overall, withdrawals from Bitcoin-related instruments amounted to $423 million, compared to the previous $192 million. Investors also allocated $1.3 million to structures allowing for short positions on Bitcoin.

Outflows from Ethereum funds increased from $34.2 million to $38.4 million, surpassing the seventh consecutive week.

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However, demand for products based on other cryptocurrencies remains stable, attracting $6.9 million. Among the most sought-after assets are Solana ($4.1 million), Litecoin ($3.1 million), and Chainlink ($2.8 million).

Earlier, analysts at Santiment pointed out signs of a possible start to the altseason.

It is worth noting that analyst PlanB predicts the beginning of this trend in the summer with subsequent correction in the third quarter.