Last week, the cryptocurrency market witnessed a slight rebound as exchange-traded products (ETPs) recorded minor inflows after experiencing over $1 billion in outflows in the preceding fortnight. According to a recent report from CoinShares, crypto investment products observed a modest increase of $6 million during the period of April 14–18, highlighting a complex sentiment among investors.
Initially, the week began with slight inflows, but stronger-than-anticipated retail sales figures in the United States mid-week appeared to trigger further outflows totaling $146 million, as noted by CoinShares’ head of research, James Butterfill.
Despite the fluctuations, total assets under management (AUM) in crypto ETPs experienced a 1.4% rise, increasing from approximately $129 billion as of April 11 to around $131 billion by April 18.
US Bitcoin ETFs Struggle in April
Examining the performance of various issuers, BlackRock’s iShares ETPs led the way with significant inflows of $182 million last week. In contrast, well-known issuers like Fidelity faced outflows amounting to $123 million from their crypto ETPs. Bitwise managed to secure inflows totaling $24 million, while the European-based issuer 21Shares garnered a more substantial $37 million in inflows.
Nevertheless, all US crypto ETP issuers remain in the red for the month, with 21Shares being the exception, maintaining $28 million in inflows for April.
Year-to-date, BlackRock’s iShares ETFs have attracted over $3 billion in inflows, while most other issuers have struggled, with only Proshares seeing $340 million of inflows and Cathie Wood’s ARK achieving $19 million YTD.
Notable Inflows in XRP
Asset-wise, Ether (ETH) faced significant outflows, with a total of $26.7 million last week. On the other hand, XRP distinguished itself with notable inflows amounting to $37.7 million, marking it as the leading asset among crypto ETPs.
Bitcoin also experienced minor outflows of $6 million, bringing its total outflows for April to $894 million. Nevertheless, Bitcoin still leads with $541 million in ETP inflows year-to-date, followed by Ether and XRP with $215 million and $214 million respectively.
As the cryptocurrency market continues to evolve amid fluctuating investor sentiment, it remains to be seen how these trends will develop in the coming weeks, especially as market dynamics shift with new economic data and developments.
