According to CoinDesk, digital asset investment products recorded inflows of $862 million last week, following outflows of nearly $1 billion the week before. The trend was led by U.S.-based funds, which saw $897 million of inflows, while Europe and Canada witnessed a combined $49 million of outflows. The recovery coincided with a recovery in BTC's price, which sat at just under $70,000 on March 29, up nearly 10% on a week earlier. The CoinDesk 20 Index (CD20) rose around 8.6% during the same period. However, BTC has started this week in the red, currently down nearly 6% in the last 24 hours, sitting just below $65,500. CD20 has declined 7.28%.
BTC-related inflows totaled $865 million throughout the week, according to CoinShares' data. The bitcoin ETFs of BlackRock (IBIT) and Fidelity (FBTC) both registered over $600 million of inflows, offsetting the $960 million exiting Grayscale's GBTC. CoinShares noted that while the recovery is encouraging, ETF activity is slowing down, with daily trading turnover now at $5.4 billion, down 36% relative to its peak three weeks ago. However, this remains well above the $347 million 2023 average, implying the initial market hype is cooling.
The previous week's $1 billion of outflows brought to an end a run of seven straight weeks of net inflows, culminating in nearly $3 billion being registered in the week ending March 15.