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BlockNews
Home CRYPTO

Investor Interest Wavers as Crypto Outflows Hit $435 Million

Michael Juanico by Michael Juanico
April 29, 2024
in CRYPTO
Reading Time: 3 mins read
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• Bitcoin and Ethereum saw over $450 million worth of outflows combined last week
• Grayscale’s Bitcoin Trust (GBTC) remains responsible for most outflows with $440 million exiting the product last week
• Investment products related to altcoins like Solana, XRP, Cardano, Polkadot, and Chainlink saw inflows totaling over $25 million last week

Grayscale Bitcoin Trust saw its lowest weekly outflow in 9 weeks last week, marking a slowing of outflows from the largest crypto investment product. However, this coincided with declining inflows into crypto investment products more broadly, signaling waning investor interest in crypto overall.

NEW: Spot #Bitcoin ETFs saw a 50% drop in inflows last week to $126 million

Is this the bottom for $BTC?

— BlockNews.com (@blocknewsdotcom) April 29, 2024

Grayscale Outflows Decelerate but Remain High

  • Grayscale’s GBTC saw $440 million in outflows last week, its lowest figure in 9 weeks.
  • But GBTC’s year-to-date outflows still total over $17 billion.
  • Outflows from Grayscale products made up the bulk of $435 million in total outflows from major crypto investment products last week.

Investor Inflows Drop Across the Board

  • Inflows into crypto investment products dropped 50% last week to just $126 million.
  • Trading volumes also declined to $1.18 billion from $1.8 billion the prior week.
  • Major issuers like BlackRock and Fidelity saw zero inflows on several days last week.

Interest Shifts to Altcoins

  • Altcoins like Solana, XRP, Cardano, Polkadot, and Chainlink saw inflows last week totaling over $25 million.
  • Ethereum saw further outflows of $384 million last week, bringing its monthly total to $1.238 billion.
  • Short positions on Bitcoin products increased by $13 million as bears take advantage of negative sentiment.

Conclusion

While Grayscale outflows continue to slow down, broader investor interest seems to be waning based on declining inflows across major crypto investment products. Some interest is shifting to altcoins, but market observers see the weak volumes and inflows as signs of cooling sentiment around crypto as an asset class.

Disclaimer: BlockNews provides independent reporting on crypto, blockchain, and digital finance. All content is for informational purposes only and does not constitute financial advice. Readers should do their own research before making investment decisions. Some articles may use AI tools to assist in drafting, but every piece is reviewed and edited by our editorial team of experienced crypto writers and analysts before publication.
Tags: cryptograyscaleGrayscale Bitcoin TrustPolkadotSolana
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Michael Juanico

Michael Juanico

Michael is a BSBA Management graduate from Mindanao State University and has been a professional content writer since 2019. He began exploring cryptocurrency in 2021 and has since made blockchain and digital assets his primary focus. For nearly four years, Michael has contributed research and editorial content at Aiur Labs and BlockNews, producing clear and accessible coverage of market trends, trading strategies, and project developments. He is transparent about his personal holdings in Bitcoin, TRON, and select meme tokens, combining writing expertise with hands-on market experience to deliver trustworthy insights to readers.

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