Cryptocurrency Performance Review: A Weekly Analysis of Key Players
The exchange-traded funds (ETFs) landscape over the past week, from 20 April to 24 April, was mostly in inflows.
Starting with the Spot Bitcoin [$BTC] ETF, which started the week strong, recording $238.4 million in inflows on 20 April. On this day, BlackRock’s IBIT recorded maximum inflows worth $256 million, whereas Grayscale’s GBTC recorded outflows worth $24.9 million.
Bitcoin ETFs performance analysis
Moving ahead on 21 April, Spot $BTC ETFs recorded minimal inflows worth $11.8 million. Though IBIT recorded inflows worth $39.3 million, the outflows seen by Fidelity’s FBTC, Bitwise’s BITB, Ark Invest’s ARKB, VanEck’s HODL, and Grayscale’s GBTC were enough to dismiss IBIT’s inflows.
Source: Farside Investors
However, on 22 April, cumulative $BTC ETFs saw inflows worth $335.8 million, in which, as expected, IBIT recorded maximum inflows worth $246.9 million.
On 23 April, the $BTC ETF saw inflows worth $223.3 million. And yet, GBTC saw zero flows on that day.
By the end of the week, however, inflow strength had weakened as the $BTC ETF recorded inflows worth $14.4 million. On this day, most asset managers had seen zero flows.
Did the Spot Ethereum ETF mirror the same pattern?
Spot Ethereum [$ETH] ETFs almost followed a similar trend to that of the $BTC ETFs. On 20 April, $ETH ETFs saw inflows worth $67.8 million, in which BlackRock’s ETHA recorded $76.1 million. On the contrary, Grayscale’s ETHE saw outflows worth $17.1 million.
Source: Farside Investors
Then, on 21 April, it saw fewer inflows in comparison to the previous day, as it recorded inflows worth $43.3 million. Once again, ETHA recorded the highest inflows, followed by Fidelity’s FETH.
Moving ahead, on 22 April, the $ETH ETF saw the highest inflows of the week, worth $96.4 million, wherein ETHA and FETH were the maximum gainers.
However, the momentum shifted on 23 April as the $ETH ETF recorded outflows worth $75.9 million, in which FETH saw the maximum outflows worth $51.3 million. By the end of the week, the inflows had returned, with the $ETH ETF seeing inflows worth $23.4 million.
What about other altcoin ETFs?
Solana [$SOL] ETF, for its part, saw very minimal inflows on all days of the week.
Source: Farside Investors
On 20 April, the $SOL ETF saw inflows worth $3.1 million. However, on 21 and 22 April, the $SOL ETF saw zero flows. Interestingly, on 23 April, inflows recorded were worth $7.3 million, but this momentum was short-lived.
As of 24 April, the $SOL ETF saw outflows worth $1.1 million. $XRP ETFs, on the other hand, were mostly in inflows, with just 21 April recording zero flows.
Source: SoSo Value
All this happened in the same week when GSR, the cryptocurrency capital market, introduced its first ETF. The GSR Crypto Core3 ETF, under the ticker BESO, recorded nearly $5 million in trading volume on day one.
Final Summary
All ETFs from Bitcoin, Ethereum, Solana, and $XRP mostly recorded inflows over the past week.
Bitcoin ETFs, however, saw maximum inflows over the past week, when compared to $XRP ETFs and Solana ETFs.