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Crypto asset investment products saw a total inflow of $932 million in the second week. Despite this increase, trading volumes remained at only $10.5 billion throughout the week compared to $40 billion in March. Interestingly, inflows reacted instantly to the lower-than-expected CPI report on Wednesday, making up 89% of the total flows in the last three trading days of the week. This indicated that Bitcoin prices became sensitive again to interest rate expectations.
Regional Overview
Regionally, the US dominated with $1.002 million in inflows last week. Unusually, Grayscale, which had seen $16.6 billion in outflows since the ETF launch in January, saw small inflows of $18 million for the first time.
Switzerland and Germany also saw small inflows of $27 million and $4.2 million, respectively, while Hong Kong and Canada saw outflows of $83 million and $17 million, respectively.
Institutions Buy Bitcoin and These Altcoins
Bitcoin saw $942 million in inflows, while short-focused Bitcoin saw almost no inflows, indicating a positive outlook among investors. Solana saw $4.9 million, Chainlink saw $3.7 million, and Cardano saw $1.9 million in inflows.
Ethereum continued to see outflows, losing $23 million this week due to expectations of a spot-based ETF being approved by the SEC. Blockchain stocks continued to see outflows, with only 6 weeks of inflows out of 20 this year. Year-to-date, there have been $512 million in outflows.
