Cooling interest in Bitcoin ETFs has intensified the outflow from crypto funds

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.


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.

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