CoinShares: Crypto funds saw a slight inflow of $6 million, with mixed market sentiment.

CN
7 hours ago

Source: Cointelegraph Original: "{title}"

After over $1 billion in outflows in the previous two weeks, cryptocurrency exchange-traded products (ETPs) showed signs of recovery last week, recording a slight inflow of funds.

CoinShares reported on April 22 that between April 14 and 18, crypto investment products saw an inflow of $6 million, reflecting mixed investor sentiment.

James Butterfill, Head of Research at CoinShares, wrote: "While there was a slight inflow at the beginning of the week, stronger-than-expected U.S. retail sales data midweek may have triggered an outflow of $146 million."

The assets under management (AUM) of crypto ETPs rose slightly by 1.4% from $129 billion on April 11 to $131 billion on April 18.

According to the report, BlackRock's iShares exchange-traded fund recorded the largest inflow of $182 million last week, while major issuers like Fidelity experienced an outflow of $123 million in their crypto ETPs.

Bitwise was among a few U.S. issuers that saw inflows in its crypto ETPs, totaling $24 million, while the European issuer 21Shares saw larger inflows at $37 million.

Despite the slight inflow, all U.S. crypto ETP issuers remain in a loss position for the month. The European-based 21Shares is the only issuer to maintain an inflow of $28 million in April.

So far this year, BlackRock's iShares ETF has performed robustly, with inflows exceeding $3 billion. Most issuers are in a loss position, except for Proshares, which recorded an inflow of $340 million, and Cathie Wood's ARK, which has seen an inflow of $19 million year-to-date.

In terms of assets, Ethereum (ETH) experienced the largest ETP outflow among cryptocurrencies last week, totaling $26.7 million.

Ripple (XRP) recorded a significant inflow of $37.7 million, becoming the biggest winner among crypto ETPs.

Bitcoin (BTC) saw a slight outflow of $6 million, bringing the total outflow for April to $894 million. This asset has still maintained an inflow of $541 million in ETPs year-to-date, making it the third largest inflow after Ethereum and XRP, which have recorded inflows of $215 million and $214 million respectively this year.

Related: As the crypto market rebounds, U.S. Bitcoin ETFs see their largest inflow since January.

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