Crypto Market Sees $21M Outflow, Trading Volumes Surge Amid ETF Inflows

Share on Facebook Share on Twitter

Outflows from Institutional Crypto Products

In the past week, institutional investors have withdrawn 21 million US dollars from the cryptocurrency market. This represents a sharp reversal from the inflows of 1.18 billion US dollars the previous week. Despite the small outflows, the digital asset market has seen inflows of 1.3 billion US dollars since the beginning of the year.

Rising Trading Volumes and Declining Assets Under Management

The outflows were accompanied by a significant increase in trading volumes, which totalled 11.8 billion US dollars. This is seven times more than the average weekly trading volume throughout the year 2023. In addition, the total assets under management (AuM) fell to 52.2 billion US dollars, a drop of almost 5% from the previous week.

Massive Outflows at Grayscale

A lot of activity came from the approximately twelve Bitcoin [BTC] Spot ETFs that were approved for trading in the US at the beginning of the month. Newly introduced ETFs received inflows of over 4.13 billion US dollars, while the “established, higher fee issuers” recorded almost 3 billion US dollars in outflows.

You can also find us on Telegram: Click here to follow our Telegram channel.

The Grayscale Bitcoin Trust, which has now been converted into a spot ETF, charges the highest management fees among all ETF providers at 1.5%. Most of the approved ETFs have fees between 0.2% and 0.4%. Because of this, many investors have redeemed their GBTC shares in favour of Bitcoin and started to realise profits, leading to selling pressure.

Main Crypto Assets Suffer

Bitcoin, the largest institutional crypto product, recorded outflows of 25 million US dollars in the past week. However, the total capital inflows for the year were an impressive 1.27 billion US dollars. Since the introduction of the ETFs on January 11, the king of coins has fallen by 16%, which is attributable to sales by GBTC investors.

Other top coins such as Ethereum [ETH] and Solana [SOL] also recorded significant outflows of 14.5 million US dollars and 8.5 million US dollars respectively. Like Bitcoin, these coins have suffered significant market value losses in recent days. The total market capitalisation of all circulating cryptos fell by 7.6% in the past week.

Sources: CoinShares, CoinMarketCap

Share on Facebook Share on Twitter
Casinos: 46
Profile Bitcoin
Symbol BTC
Coin type Alt Coin
Transaction Speed Slow
  • First cryptocurrency, therefore very widespread
  • Largest selection of casinos among the coins
  • Many BTC based bonus offers
  • Fairly low transaction speed
Price 64.310,00 €
Percent Change 24h 5,02 %
Percent Change 7d -2,28 %
Percent Change 30d 10,38 %
Percent Change 60d 3,59 %
Percent Change 1y 169,59 %
Market Cap 1.265.913.571.788,00 €
Max. Supply 21.000.000
Official Links
Socials Reddit | X | Message Board
Best 3 Bitcoin casinos

Latest News

Created by

I have enjoyed following the international iGaming industry since my first encounter at the age of 23. Fascinated by its diversity and complexity, I was hooked and have never left the industry since. Here at KC, I am a proud member of the founding team as well as the content team. We use everyone's knowledge to find every possible flaw in a casino so you can relax and play.
Reviewed by
Nerd of Numbers

Last update: 11. June 2024 Logo Advertising transparency

We are independent, transparent and funded by revenue we generate when you sign up at a casino through us.

Our goal is to help you make better decisions when choosing a casino by offering different information, providing filters and comparison tables, and publishing objective content. Thus, we give you the opportunity to research for free, compare casinos and make your decision based on that.

We cannot guarantee that a casino that is very good for us will fit your type of player and your circumstances.

Why trust us?

We work according to transparent editorial guidelines and disclose our testing methods as well as funding. This article may contain links to our partners, but this does not influence our objective view in any way.

We use cookies. By using this site, you accept them.