Net inflows into crypto investment products for 25 to 31 March fell to $2.5 million. This assessment was provided by analysts at CoinShares.
A week earlier, it reached its highest level since July 2022 $159.9 million.
Trading volume across instruments fell by 33% from the previous week.
“Momentum aligned with Bitcoin’s broad market trend, where turnover on reputable platforms collapsed by 61%,” the analysts noted.
Bitcoin products attracted $8.8 million (a week ago inflows were $128 million). AUM of such funds reached a peak since the collapse of 3AC in June 2022, at $23.5 billion.
Among instruments that allow shorting Bitcoin, $2.5 million was withdrawn. In the previous reporting period, inflows of $30.8 million were recorded. Over the last four weeks, the instrument attracted $114 million, making it the most popular among investors.
In altcoins, mixed dynamics were observed. From Ethereum-based products, clients withdrew $2.8 million, asset baskets — $3 million. XRP-, Polygon-, BNB- and Solana-based funds attracted $0.8 million, $0.3 million, $0.3 million and $0.2 million respectively.
In March 2023, Messari founder and CEO Ryan Selkis predicted Bitcoin would rise to $100,000 within 12 months. He called the leading cryptocurrency a reliable investment amid US economic headwinds.
Similar sentiments voiced by many industry experts, according to a CNBC survey.