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14 May 2024
Interest in crypto funds has returned after four weeks of outflows
14
May
2024

According to CoinShares data, $130 million flowed into cryptocurrency investment products from May 4th to 10th.

Meanwhile, ETP trading volume decreased from an average of $17 billion in April to $8 billion.

The share of crypto products in the total turnover of digital assets on reliable platforms decreased from 31% to 22%.

Regarding Bitcoin-related instruments, clients deposited $144 million compared to outflows of $251 million in the previous period.

One of the factors behind this phenomenon is the decrease in withdrawals from GBTC and other Grayscale products to $171 million, the lowest level since January.

Investors withdrew $5.1 million from structures allowing for short positions on Bitcoin.

There has been a return of funds to Ethereum funds after a week-long pause (+$30 million), followed by outflows ($14 million). Analysts associate the negative trend with increasing doubts about ETH-ETFs amid inactive interaction between regulators and issuers.

Among other altcoins, attention should be paid to inflows into Solana-based instruments ($5.9 million) and Polkadot ($1.2 million), as well as outflows of $3.4 million from basket asset-based products.

Recall that Bitfinex experts predicted sideways movement for Bitcoin in May and subsequent asset growth.

Earlier, Standard Chartered stated that the first cryptocurrency reached a minimum at $56,500, confirming the forecast of $150,000 by the end of the year and $200,000 by the end of 2025.