GetBlock Magazine - What happened? Specialists from the investment company CoinShares have recorded an outflow of funds from cryptocurrency derivatives for the third week in a row. From April 22 to April 26, it amounted to $435 million, which was the worst result since March. Trading volumes in cryptocurrency exchange-traded products (ETPs) fell from $18 billion to $11.8 billion, while Bitcoin fell 5.6% to $62,244.

CoinShares Report

What else is known? Regionally, outflows were predominantly concentrated in the US, amounting to $388 million. Despite this, year-to-date inflows remain at a record high of $13.6 billion.

Most of the outflow came from investment firm Grayscale, which operates a spot Bitcoin-based exchange-traded fund (ETF) with the ticker symbol GBTC. The product has been facing outflows since converting from Bitcoin Trust on January 11 this year, last week amounting to $440 million. At the same time, the outflow is gradually slowing down and the latest result was the lowest in nine weeks.

Overall, the weekly outflow was focused solely on Bitcoin and Ethereum-based products: $423 million and $38 million, respectively. At the same time, the influx was observed in a wide range of products based on a basket of altcoins: $7 million.

Other perennial favorites such as Solana, Litecoin and Chainlink continued to receive funds, with inflows of $4 million, $3 million and $2.8 million respectively last week, CoinShares analysts noted.