Last week, investors showed caution due to increased geopolitical tensions and a dip in the crypto market, resulting in withdrawals from various investment funds.
CoinShares announced that investors withdrew approximately $126 million from their digital asset investment funds. Over the last week, Bitcoin (BTC) dropped by over 8%, reaching a low of around $61,000 on certain cryptocurrency platforms, according to CoinMarketCap.
Investors with a bearish outlook on Bitcoin, expecting prices to drop, invested approximately $1.7 million through products and positions to profit from a decreasing market.
In spite of withdrawals, Bitcoin-related products such as spot ETFs have drawn in over $555 million this month. Additionally, the trading volume for digital asset investments has increased by approximately $4 billion over the past week, rising from $17 billion the previous week.
Despite a decline in investor confidence, ETF trading volumes dropped to only 31% of the total volume on authorized exchanges. This trend was most noticeable in the United States, where investors pulled out a substantial $145 million.
Crypto altcoins capture minor capital, but not Ethereum
Some older altcoin investments continued to attract investors, but for the past five weeks, Ethereum (ETH) lost popularity. Investors withdrew approximately $29 million from Ethereum-related investment products. Additionally, Ethereum’s token price dropped by 11% during a recent market correction.
Recently, Solana (SOL), which was previously referred to as a potential rival to Ethereum, experienced outflows totaling $3.6 million. In contrast, Decentraland (MANA), Basic Attention Token, and Lido recorded inflows of $4.9 million, $2.9 million, and $1.8 million respectively, using more established cryptocurrencies as their foundation.
Despite a recent slump with little to no progress in many markets and a widespread pullback for various assets, there has been a notable turnaround this week. According to CoinGecko, the overall cryptocurrency market value surged by 3.6% within the last 24 hours.
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2024-04-15 17:26