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Highlights
- Trading volumes for crypto ETPs dropped more than 40% last week, over its previous week.
- GBTC outflows continue while Bitcoin ETF inflows have dried up significantly.
- Bitcoin price remains range bound ahead of the FOMC meeting on May 1.
As per the latest Coinshares report, cryptocurrency investment products registered three consecutive weeks of outflows last week, totaling $435 million. This makes it one of the last weekly outflows since March last month. Strong outflows from US spot Bitcoin ETFs were the major contributor to this.
Bitcoin ETF Inflows Drying Up Considerably
Last week, the Bitcoin price faced significant selling pressure correcting over 6%. At the same time, trading volumes for crypto ETPs fell to US$11.8bn in comparison to US$18bn in the week before.
Outflows were predominantly directed towards Bitcoin and Ethereum, amounting to US$423 million and US$38 million, respectively. The bulk of these outflows stemmed from Grayscale, totaling US$440 million, marking the lowest figure in nine weeks.
As Grayscale’s outflows gradually decline, there has been a simultaneous slowdown in inflows from new issuers, which amounted to just US$126 million last week compared to US$254 million the week prior. The total outflows from GBTC ever since its conversion to Bitcoin ETF have crossed over $17 billion.
In terms of regional trends, the United States experienced the largest outflows, totaling US$388 million. Meanwhile, Germany and Canada also faced negative sentiment, witnessing outflows of US$16 million and US$32 million, respectively. However, Switzerland and Brazil defied this trend, with inflows amounting to US$5 million and US$4 million, respectively.
On the other hand, a diverse array of altcoins experienced inflows, investors favored multi-coin investment products, resulting in US$7 million in inflows. Additionally, perennial favorites such as Solana, Litecoin, and Chainlink maintained their momentum, with inflows of US$4 million, US$3 million, and US$2.8 million, respectively, reports CoinShares.
BTC Price Rejected At Crucial Resistance
According to Rekt Capital, the latest Weekly Close has solidified the $65,600 level as a new resistance zone for Bitcoin. The cryptocurrency appears to be trading within the range of $59,000-$65,000.
The new Weekly Close has confirmed the $65600 level as new resistance
Bitcoin has now firmly confirmed itself to be between two key levels: this $65600 resistance and the pool of liquidity below (green)$BTC #Bitcoin #BitcoinHalving https://t.co/Aosq9WLzVI pic.twitter.com/ue0kMZTqCE
— Rekt Capital (@rektcapital) April 29, 2024
According to crypto analyst Michael van de Poppe, Bitcoin remains range-bound, indicating a potential for further downside movement. He suggests that the upcoming FOMC meeting on Wednesday could be influencing market sentiment, leading to a correction before the event. However, there might be a rebound afterward, fueled by hopes of potential rate cuts.
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