Bitcoin leads over $800 million global crypto ETP market rebound, overshadowing Ethereum outflows
Last week, the digital asset market witnessed a significant influx of over $800 million, spearheaded by Bitcoin’s dominance, according to the weekly flow report shared by CoinShares‘ head of research James Butterfill.
This surge marks a swift rebound following the near $1 billion outflow observed in the previous week.
Bitcoin, US see significant inflows.
Bitcoin experienced a substantial $865 million net flow, propelled by inflows into newly introduced exchange-traded funds in the United States.
The trio of BlackRock IBIT, Fidelity FBTC, and Ark 21 Shares ARKB collectively attracted $1.53 billion in inflows.
In comparison, outflows from Grayscale’s GBTC continue apace, with $960 million recorded during the past week. This brings the total outflows from GBTC to more than $6 billion in March and $14.7 billion on the year-to-date metrics.
Across geographical distribution, the United States remains the dominant player thanks to the advent of the spot Bitcoin ETF products. During the past week, the country saw $897 million in inflows, bringing its monthly total flows to $5.7 billion.
Meanwhile, Brazil and Australia saw modest inflows of $2.9 million and $1.5 million during the past week.
However, Canada and several European countries, including Germany, Switzerland, and Sweden, reported outflows ranging from $2.4 million to $20.3 million, aligning with their negative monthly performance trends.
Ethereum sees outflows
Ethereum sustained its streak of consecutive outflows, with another $19 million in negative flow, bringing its total outflows for the preceding month to $67.2 million.
On the flip side, several altcoins experienced positive momentum, with Solana, Litecoin, XRP, Cardano, and Polkadot all registering inflows. Solana led the pack with inflows of $6.1 million, while XRP notably attracted $3.8 million despite ongoing developments in the Ripple case against the US Securities and Exchange Commission (SEC).
Short Bitcoin products also experienced $2 million in outflows this time, reflecting the returning optimism in the market as Bitcoin steadied around the $70,000 mark over the past week.
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