Spot Bitcoin ETF demand has decreased from its high during the first week of March, even if there has been a net positive flow into the cryptocurrency market. With net inflows of $862 million during the previous week, and net outflows of $931 million the week before, digital asset inflows into crypto investment products turned positive. Spot Bitcoin exchange-traded funds, meanwhile, appear to be losing some of their appeal. Exchange-traded funds (ETFs) saw a 36% decrease in daily trading activity to $5.4 billion from a peak of $9.5 billion in the first week of March.
With $863 million in inflows driven by ETF demand, Bitcoin BTC tickers down $65,846 led the digital asset flows. Spot BTC ETFs saw inflows of $1.8 billion, while the Grayscale Bitcoin Trust (GBTC) had withdrawals of $965 million.
Ether ETF Tickers Down $3,275 Saw Withdrawals For The Fourth Week, With $19M
Grayscale is still experiencing significant withdrawals over three months after the products were approved in the US on January 11. Over the past three weeks, consistent withdrawals from GBTC have significantly increased selling pressure on BTC prices. Nevertheless, GBTC continues to dominate flows, suggesting that the withdrawals of GBTC are far from ended, based on current investment patterns.
Numerous market observers have referred to it as a typical correction ahead of the April 20th Bitcoin halving event. Ether ETH tickers down $3,275 saw withdrawals for the fourth week, with $19 million going out this past week. Last week, the altcoin market saw a net influx of $18.3 million, with Solana’s SOL tickers down $185 token driving the majority of the inflows at $6.1 million.
