ReportWire

Tag: outflows

  • Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals

    Crypto Funds Mark 3rd Consecutive Weeks Of Outflows With $435 Million In Withdrawals

    [ad_1]

    Crypto investment products are now going through rough times, as shown by inflow and outflow data. The crypto market is known for its volatile market cycles of ups and downs. Investment products are now struggling, and confidence in the space seems shaken. Crypto funds have now seen outflows for three straight weeks, with investors pulling $435 million from digital asset funds last week, according to CoinShares data. The recent stretch of outflows highlights the souring investor sentiment around some digital assets after a bull run earlier this year.

    The Third Consecutive Week Of Crypto Withdrawals

    CoinShares’ recent weekly report on digital asset fund flows has revealed the current sentiment among institutional investors. According to the report, investment funds witnessed $435 million in outflows last week to mark the biggest outflow since March. This comes on top of the $206 million and $126 million pulled out in the previous two weeks. Unsurprisingly, the majority of outflows came from Bitcoin funds. Of the total $435 million outflows, $423 million came from Bitcoin funds. Notably, a bulk of Bitcoin’s outflows ($328 million) came from Spot Bitcoin exchange-traded funds (ETFs) in the US.

    A look into previous crypto fund flow data since the beginning of the year shows that the majority of the inflows recorded in January, February, and March can be attributed to the Spot Bitcoin ETFs. These ETFs recorded so much inflow of funds that investment products were able to record their best year on record in less than three months. 

    However, inflows into these ETFs have declined in the past few weeks, and the largest digital asset is now failing to attract inflows amidst interest rate stagnation in the US market. Grayscale’s GBTC, in particular, continued its run of withdrawals, recording $440 million in outflows. At the same time, the other ETFs failed to attract inflows during the week in order to offset these withdrawals. BlackRock’s IBIT, for instance, failed to register inflows for three days straight last week, bringing its 71-day run of inflows to an end. 

    Ethereum, the altcoin king, also witnessed $38.4 million in outflows last week to offset inflows into other altcoins. Inflow data shows investors pouring $6.9 million worth of inflows into multi-coin investment products. Solana, Litecoin, XRP, Cardano, and Polkadot witnessed $4.1 million, $3.1 million, $0.4 million, $0.4 million, and $0.5 million in inflows, respectively. Short Bitcoin products also witnessed $1.3 million in inflows, showcasing a glimpse into investors’ sentiment.

    What’s Next?

    Investor sentiment can shift quickly in the fast-moving crypto space and the coming weeks may provide more clarity on the direction of crypto fund flows. Six Spot Bitcoin and Ether exchange-traded funds (ETFs) are set to launch in Hong Kong today April 30. Their entry into the Asian market has been long anticipated and is expected to surpass the first-day inflow record set by their counterparts in the US.

    Total market cap drops amid outflows | Crypto total market cap from Tradingview.com

    Featured image from StormGain, chart from Tradingview.com

    Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

    [ad_2]

    Scott Matherson

    Source link

  • Grayscale Bitcoin ETF sees $579m in daily net outflows

    Grayscale Bitcoin ETF sees $579m in daily net outflows

    [ad_1]

    According to reports from Bloomberg Intelligence, Grayscale’s Bitcoin ETF has experienced significant withdrawals, amounting to approximately $579 million. 

    The magnitude of this withdrawal is notable in the context of the broader market for Bitcoin ETFs. Contrastingly, other spot Bitcoin ETFs have attracted nearly $819 million in investments.

    This stark divergence in investor behavior underscores a critical assessment of the Grayscale Bitcoin ETF’s performance post-SEC approval. Initial enthusiasm, marked by a trading volume of over $2.3 billion on the ETF’s inaugural day, has cooled, with these outflows suggesting a shift in investor sentiment.

    The withdrawal trend from the Grayscale ETF aligns with previous projections by analysts, which anticipated over $1 billion being pulled from the fund in the ensuing weeks.

    A contributing factor to this outflow could be the fund’s relatively high expense ratio, which is 1.5% — the highest among U.S. Bitcoin ETFs. In comparison, other spot ETFs, including BlackRock’s IBIT and Fidelity’s FBTC, have seen substantial inflows of $500 million and $421 million within initial trading periods. 

    SEC’s historic approval of Bitcoin ETFs last week brought a lot of positivity and optimism into the industry. However, it has also sparked several controversies and concerns. Experts have cautioned against the potential risks of Coinbase’s dominance as the custodian of most ETFs.

    The immediate supply shock after the SEC’s approval has also triggered significant volatility in Bitcoin’s value, as the leading cryptocurrency constantly fluctuates between $41,000 and $44,000. 


    Follow Us on Google News

    [ad_2]

    Mohammad Shahidullah

    Source link

  • This “Smart” Whale Buys ETH Again, Could There Be An Incoming Price Surge?

    This “Smart” Whale Buys ETH Again, Could There Be An Incoming Price Surge?

    [ad_1]

    In the last week, Ethereum (ETH) has attracted many investors’ attention as it gradually approaches the $1900 price region. Similar to many assets riding on the Bitcoin-fueled market rally, ETH, also known as Ether, is up by 5.85% in the last seven days, bringing its total price increase in the last four weeks to 15.17%.

    Interestingly, a recent whale movement has now added more speculation around ETH, prompting suggestions that the largest altcoin may soon experience a price surge.

    ‘Smart’ Whale Purchases $15.94 Million Ether – What Could They Know?

    In a Sunday post on X, blockchain analytics platform Lookonchain shared that an ETH whale with the wallet address “0xb15” had just purchased 8,698 ETH, valued at $15.94 million, from the Binance exchange, depositing 31.8 million USDT in the process.

    This transaction has drawn much attention due to the past antecedents of this Ether investor. Popularly known as a “smart” whale, Lookonchain notes that “0xb15” has conducted 8 ETH transactions since February 12, recording a win rate of 87.5% and an aggregate profit of $13 million. 

    In particular, this smart whale is known for buying low and selling high. Most recently, they deposited 24,495 ETH ($45 million) on Binance on November 2, shortly after purchasing 24,548 ETH, valued at $39.8 million, leading to a profit margin of approximately $5.47 million.

    Following the purchase made by “0xb15” on Sunday, many traders are likely on high alert as it indicates the whale is anticipating a continuous rise in Ether’s price over the next few days. 

    Looking at Ether’s daily chart, the altcoin is poised to break into the $1900 price zone if this buying pressure continues. However, investors should note the token’s Relative Strength Index (RSI) is now at 71.43, indicating it is now in the overbought zone and may experience a trend reversal. 

    ETH Market Records Largest CEXs Weekly Outflow Since August

    In other news, centralized exchanges (CEXs) just recorded an outflow of $210 million worth of Ether in the last seven days, according to data from IntotheBlock. This marks the altcoin’s largest weekly outflow off CEXs since August.

    This data only reflects the strong bullish sentiment surrounding the ETH market, as a reduction in the token’s supply on exchanges reflects an increase in purchasing activity by investors. 

    At the time of writing, Ether is trading at $1890.95, with a 2.61% gain in the last day. However, the token’s daily trading volume is down by 11.485 and valued at $6.02 billion. With a market cap of $227.4 billion, Ethereum remains the second-largest cryptocurrency in the world. 

    ETH trading at $1,896.73 on the daily chart | Source: ETHUSDT chart on Tradingview.com

    Featured image from iStock, chart from Tradingview

    [ad_2]

    Semilore Faleti

    Source link