Amidst a tumultuous week in the world of cryptocurrency, Bitcoin took a sharp nosedive of over 5%, sending shockwaves through the market. As a result, savvy crypto investors wasted no time in pulling their funds from virtual asset vehicles, such as spot exchange-traded funds, in a frantic attempt to protect their investments.
Breaking records in the world of digital assets, CoinShares reports a staggering $435 million in outflows from investment products. This coincides with a significant 6% decrease in ETF trading volume, dropping from a whopping $18 billion to $11.8 billion in just two weeks.
The top players in this exit frenzy were Bitcoin (BTC) and Ethereum (ETH), with a combined total of $461 million leaving the market. The majority of this trend was observed in the U.S., with a significant portion coming from Grayscale’s GBTC ETF.
Grayscale’s Bitcoin ETF suffers a major blow as $440 million flows out. But as the market holds its breath, new spot BTC ETFs struggle to attract inflows. Despite the hype, only $126 million trickles into 10 recently launched ETFs from top players like BlackRock and Fidelity.
“A broad range of altcoins saw inflows, with investors choosing multi-coin investment products coupled with regular favorites Solana, Litecoin, and Chainlink.”
CoinShares analysts
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An influx of over $9 million has been pouring into the world of altcoin investment products, with one cryptocurrency taking the lead. Solana (SOL) has emerged as the top choice, with a whopping $4 million in inflows.
Trailing behind is Litecoin (LTC) with $3 million, and close behind is Chainlink (LINK) with an impressive $2.8 million in investments. The race for the most promising altcoin is on, and these top contenders are proving their worth.