Crypto ETPs Experience Mixed Sentiment with Modest Inflows

Cryptocurrency ETPs experienced modest inflows of $6 million after previous outflows exceeding $1 billion. US retail sales increased led to $146 million in outflows. Total assets in crypto ETPs rose slightly to $131 billion. BlackRock’s ETFs led inflows, while XRP gained significantly. Despite these trends, most US issuers stayed in the red for April.

Cryptocurrency exchange-traded products (ETPs) showed a slight recovery with inflows of $6 million during the week of April 14-18. This comes after a significant outflow of over $1 billion in the previous fortnight. According to CoinShares, despite initial inflows, the mid-week rise in US retail sales triggered a notable outflow of $146 million, reflecting mixed sentiments among investors.

Total assets under management (AUM) in crypto ETPs increased by 1.4%, rising from $129 billion as of April 11 to $131 billion by April 18. BlackRock’s iShares ETFs attracted the highest inflow at $182 million, contrasting sharply with Fidelity, which experienced $123 million in outflows. Notably, Bitwise and European issuer 21Shares saw inflows of $24 million and $37 million, respectively.

However, despite these inflows, all US crypto ETP issuers reported negative performance for the month. Meanwhile, 21Shares was an exception, maintaining $28 million in inflows throughout April. Year-to-date, BlackRock’s iShares ETFs accumulated over $3 billion, with exceptions like ProShares and ARK Invest showing modest inflows of $340 million and $19 million, respectively.

In terms of individual assets, Ether (ETH) experienced the largest ETP outflows at $26.7 million. Conversely, XRP (XRP) stood out with significant inflows of $37.7 million, reflecting its strength among crypto ETPs. Bitcoin faced minor outflows of $6 million, bringing total outflows for April to $894 million; however, it remains the leader in year-to-date inflows with $541 million, surpassing both Ether and XRP.