Altcoins Shine: $MANA, $BAT, $LDO See Large Inflows Despite Bitcoin’s Jitters
Altcoins Shine: $MANA, $BAT, $LDO See Large Inflows Despite Bitcoin’s Jitters Cryptocurrency investment products saw minor outflows over the past week as investors became seemingly hesitant on the market ahead of Bitcoin’s upcoming halving event, while volume rose from $17 billion to $21 billion, and various altcoins saw significant inflows. According to CoinShares’latest Digital Asset Fund Flows report, investment products offering exposure to the flagship cryptocurrency Bitcoin ($BTC) saw outflows of $110 million over the past week, with its month-to-date flows remaining positive at $555 million. Products betting against BTC saw $1.7 million of inflows. Similarly, Ethereum suffered $29 million of outflows in its fifth consecutive week of outflows, while its competitor Solana – which suffered significant congestion issues earlier this month – saw $3.6 million of outflows. The report, however, details that various altcoins that often don’t get a lot of attention saw significant inflows. Decentraland’s $MANA, the native token of a metaverse platform, and Brave’s Basic Attention Token ($BAT) both saw significant inflows of$4.9 million and $2.9 million respectively. Lido’s native token $LDO, meanwhile, saw $1.8 million of inflows. Despite these flows, spot Bitcoin exchange-traded funds (ETFs) in the United States have maintained an outsized impact on the cryptocurrency investment product market. As CryptoGlobe reported, data shows that inflwos into these products reached $91.3 million on April 11, led by BlackRock’s iShares Bitcoin Trust (IBIT), whose total net inflows now top $15 billion. According to data shared by BitMEX Research, the spot Bitcoin ETF offered by the world’s largest asset manager saw a significant inflow of $192.1 million on April 11, the largest daily inflow since April 5. The fund has average daily inflows of $240.4 million since it was first launched. Valkyrie’s Bitcoin Strategy ETF (BRRR) also saw positive inflows, receiving $8.4 million on Thursday, marking its largest daily inflow since March 26 and bringing its total net inflows to $467.5 million. Total spot Bitcoin ETFs inflows were dampened by Grayscale’s GBTC, which experienced a net outflow of $124.9 million, bringing its total net outflows to $16.1 billion. The fund, nevertheless, still holds an astonishing 311,664 BTC as it was already Bitcoin’s largest fund before it was converted into a spot ETF. BlacRock’s IBIT, in comparison, holds 270,978 BTC after registering significant inflows since launch. Featured image via Pixabay. Altcoins Shine: $MANA, $BAT, $LDO See Large Inflows Despite Bitcoin’s Jitters /latest/2024/04/altcoins-shine-mana-bat-ldo-see-large-inflows-despite-bitcoins-jitters/ /latest/2025/01/ethereum-price-could-surge-toward-6000-as-it-follows-key-technical-pattern/ Disclaimer The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.