Declining Interest in Bitcoin ETFs Boosts Outflows from Crypto Funds: Report

According to CoinShares, the outflow of funds from cryptocurrency investment products reached $435 million from April 20 to April 26, continuing the negative trend for the third consecutive week.

Despite a decline in price, withdrawals from Grayscale’s GBTC slowed to a nine-week low of $440 million. Inflows into “new” ETFs also weakened, with only $126 million invested compared to $254 million in the previous week.

Product trading volume decreased from $18 billion to $11.8 billion due to a 6% drop in Bitcoin’s price.

A total of $423 million was withdrawn from Bitcoin-related instruments, while investors put $1.3 million into structures allowing them to open short positions on the first cryptocurrency.

Ethereum funds saw an outflow of $38.4 million, continuing the negative trend for the seventh week in a row. In contrast, demand for other altcoins remained strong, with $6.9 million invested in asset-based products.