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Home»ETHEREUM NEWS»Global ETP investors are pulling $126 million from major cryptocurrencies in favor of altcoins like Polkadot.
ETHEREUM NEWS

Global ETP investors are pulling $126 million from major cryptocurrencies in favor of altcoins like Polkadot.

By Crypto FlexsApril 16, 20242 Mins Read
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Global ETP investors are pulling 6 million from major cryptocurrencies in favor of altcoins like Polkadot.
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Digital asset investment products suffered notable setbacks last week, with outflows reaching $126 million, according to CoinShares’ latest weekly report.

Bitcoin outflows accounted for a significant portion of total net flows this week, accounting for 87%. James Butterfill, head of research at CoinShares, attributed this trend to investors’ cautious stance after the end of the market’s price momentum.

He added that ETF/ETP trading activity has declined compared to the overall market, with total volume trading at just 31% last week. Despite this, trading volume per share increased slightly from $17 billion to $21 billion.

Ethereum has been experiencing outflows for 5 consecutive weeks.

Several Bitcoin investment products, including Grayscale GBTC, ProShares BITO, and Purpose ETF, primarily drove outflows, with cumulative flows reaching nearly $1 billion.

On the other hand, inflows from BlackRock IBIT, Fidelity FBTC and Ark 21Shares ARKB could only partially offset outflows, with Bitcoin products seeing total outflows of $110 million for the week.

Butterfill added:

“Regionally, the United States saw the largest outflow, totaling $145 million, followed by Switzerland and Canada with outflows of $5.7 million and $6 million, respectively. “German investors saw recent price weakness as an opportunity, with $29 million in inflows last week.”

Meanwhile, Ethereum continued its negative trajectory, recording a total outflow of $28.7 million for five consecutive weeks. Current monthly flows are negative $51.3 million and annual flows are only $23 million, indicating potential erosion of revenue this year.

Solana, which joined Ethereum in negative territory, recorded an outflow of $3.6 million, while the multi-asset product recorded an outflow of $5.6 million.

Interestingly, Short Bitcoin reversed its trend with $1.7 million inflows after three consecutive weeks of outflows. This signals a resurgence of bearish sentiment amid significant market volatility.

On the positive side, several altcoins have witnessed positive trends. Litecoin, XRP, and Polkadot attracted inflows of $1.6 million, $300,000, and $800,000, respectively. Lesser-known altcoins such as Decentraland, Basic Attention Token, and LIDO also saw inflows of $4.9 million, $2.9 million, and $1.8 million, respectively.

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