Cardano

James

After seven consecutive weeks of inflows totaling $12.3 billion, the cryptocurrency market saw a significant shift. CoinShares <a href="https://blog.coinshares.com/volume-175-digital-asset-fund-flows-weekly-report-6af2a10c0b30" target="_blank" rel="noopener nofollow">reported</a> roughly $942 million in outflows in its latest report, marking&nbsp;the first outflow following the notable inflow streak. 
In addition, despite trading volumes remaining high at $28 billion for the week, it represents a substantial <a href="https://bitcoinist.com/santiment-explains-why-bitcoin-price-below-67000/" target="_blank" rel="noopener ">decline</a> compared to the prior week, according to the report. 
<h2 id="investors-show-reticence-amid-price-declines">Investors Show Reticence Amid Price Declines</h2> 
According to Coinshares Head of Research, James Butterfill, the recent price correction from the overall crypto market led to a decrease of $10 billion in total assets under management (AuM). However, they still exceed previous <a href="https://bitcoinist.com/bitcoin-price-suffers-sharp-decline/" target="_blank" rel="noopener ">cycle highs</a>, reaching $88 billion. 
James Butterfill noted: 
<blockquote>
 We believe the recent price correction led to hesitancy from investors, leading to much lower inflows into new ETF issuers in the US, which saw US$1.1bn inflows, partially offsetting incumbent Grayscale’s significant US$2bn outflows last week.
</blockquote> 
Notably, this hesitancy was not confined to the US alone, as countries like Sweden, Switzerland, Hong Kong, and Germany also experienced outflows. However, Brazil and Canada saw modest inflows of $9 million and $8.4 million, respectively. 
<img loading="lazy" decoding="async" class="wp-image-294489 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?resize=980%2C576" alt="Crypto asset flows by country" width="980" height="576" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=1388 1388w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=640 640w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=980 980w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-14.57.31.png?w=1140 1140w" sizes="(max-width: 980px) 100vw, 980px" data-recalc-dims="1"> 
Meanwhile, despite the broader market trend, altcoins such as Polkadot, Avalanche, and Litecoin saw notable inflows, totaling $16 million. However, major <a href="https://bitcoinist.com/is-global-turmoil-the-secret-weapon-for-bitcoin/" target="_blank" rel="noopener ">cryptocurrencies</a> like Bitcoin, Ethereum, Solana, and Cardano experienced significant outflows, with Bitcoin alone witnessing $904 million. 
<img loading="lazy" decoding="async" class="wp-image-294490 size-large" src="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?resize=895%2C660" alt="Crypto asset flows." width="895" height="660" srcset="https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=1380 1380w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=569 569w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=768 768w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=895 895w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=750 750w, https://bitcoinist.com/wp-content/uploads/2024/04/Screenshot-2024-04-15-at-15.01.38.png?w=1140 1140w" sizes="(max-width: 895px) 100vw, 895px" data-recalc-dims="1"> 
<h2 id="crypto-market-performance-and-institutional-adoption">Crypto Market Performance And Institutional Adoption&nbsp;</h2> 
It is worth noting that the price performance of Ethereum, Solana, and Cardano mirrored their outflows, with declines of approximately 10.9%, 17.6%, and 20.3%, respectively, over the past week. 
However, recent price movements indicate a potential recovery, with Bitcoin and altcoins showing signs of upward momentum over the past 24 hours. Bitcoin has surged roughly 2.5% in the past 24 hours, with a current trading price of $66,538. 
<img loading="lazy" decoding="async" src="https://www.tradingview.com/x/uAwG0C0k/" alt="Bitcoin (BTC) price chart on TradingView amid crypto news" width="2770" height="1496"> 
This uptick in performance <a href="https://bitcoinist.com/hong-kong-spot-bitcoin-ethereum/" target="_blank" rel="noopener ">comes as Hong Kong provisionally approved asset managers</a> to initiate spot Bitcoin and Ethereum exchange-traded funds. 
Meanwhile, despite Coinshares’ report of a decline in Bitcoin spot ETF inflows, recent SEC filings via Form 13F have revealed that <a href="https://bitcoinist.com/us-banks-wall-street-giants-buy-bitcoin-etfs/" target="_blank" rel="noopener ">several prominent Wall Street firms and US banks have initiated the purchase of Bitcoin ETFs</a>. Julian Fahrer, CEO of the Bitcoin-centric app Apollo Sats, emphasized the significance of the revelation. 
Fahrer underscored the diverse nature of these filings, involving investment managers and family offices with assets under management ranging from $200 million to $10 billion, indicating a widening scope of institutional acceptance. 
Specifically, Fahrer highlighted American National Bank’s investment in Ark’s ETF, characterizing it as “significant for breaking the seal on banks buying ETFs.” 
<blockquote class="twitter-tweet"> 
 BREAKING: 13F SEC Filings show US Banks are buying <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#Bitcoin</a> <a href="https://t.co/BzSkUrURFi" target="_blank" rel="noopener nofollow">pic.twitter.com/BzSkUrURFi</a> 
 — Julian Fahrer (@Julian__Fahrer) <a href="https://twitter.com/Julian__Fahrer/status/1778210011010994424?ref_src=twsrc%5Etfw" target="_blank" rel="noopener nofollow">April 10, 2024</a>
</blockquote> 
Featured image from Unsplash, Chart from TradingView

Crypto Investors Hit The Brakes: Digital Asset Funds See $942 Million In Weekly Outflows

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