The recent data shows a significant outflow from crypto investment products, totaling $942 million from March 16 to 22. This comes after a historic high of $2.92 billion in inflows. Experts at CoinShares observed a positive trend for seven consecutive weeks prior to this, with total inflows of $12.3 billion during this period. However, trade turnover dropped to $28 billion from a record $43 billion the previous week.

The primary reason for this negative trend was the outflows from
GBTC
, a product from
Grayscale
, which amounted to $2 billion. This surpassed net inflows to its competitors by $1.1 billion. As a result, a record $904 million was withdrawn from Bitcoin (
BTC
) related instruments after the highest-ever receipts of $2.86 billion in the previous week. This, combined with a decline in prices, led to a decrease in digital assets under management by $10 billion to $88.2 billion. Short positions on BTC also saw a decrease, with clients withdrawing $3.7 million after a peak investment of $26 million in the previous seven days.

For Ethereum (
ETH
) funds, outflows increased from $13.9 million to $34.2 million. Investors also withdrew $5.6 million and $3.7 million from instruments based on Solana (
SOL
) and Cardano (
ADA
) respectively. On the other hand, products based on Polkadot (
DOT
), Avalanche (
AVA
), and Litecoin (
LTC
) saw inflows of $5 million, $2.9 million, and $2 million respectively.

It is interesting to note that a week earlier, inflows in cryptocurrency investment products reached $2.92 billion after $2.69 billion in the previous period. The total inflow since the beginning of the year stands at $13.2 billion, surpassing the total for the entire 2021, which was $10.6 billion.

For more insights and predictions on the crypto market outlook for 2024, stay tuned for updates.

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