A new report from CoinShares highlights a worrying outlook for Spot Bitcoin ETFs, with outflows for the third consecutive week.

In detail, last week saw an outflow of $435 million, a figure not recorded since March 2023. If in the past the responsibility was mainly attributable to Grayscale, this time the dynamic is different. Outflows from GBTC, Grasycale's most famous product, are in fact steadily slowing. What weighs on the total outflows is instead the general decline in inflows recorded by issuers, which amounted to only 126 million dollars in the last week.
ETP trading volumes also did not shine, falling from 18 billion dollars the previous week to 11.8 billion. A decline that accompanies the contraction of inflows, halved compared to 254 million last week. The negative trend appears to be widespread globally, not just in the US.
Despite everything, BlackRock's IBIT, for example, confirms itself as the leader with 58 million dollars in inflow, overtaking names such as Fidelity and Ark 21Shares.

If the situation is alarming for Bitcoin and Ethereum, altcoins offer encouraging signs. A wide range of "secondary" cryptocurrencies have in fact recorded inflows through multi-coin investment products, for a total of around $7 million. Among the companies with positive inflows we find Solana (4 million dollars), Litecoin (3 million) and Chainlink (2.8 million).
In addition to this data, CoinShares also offers interesting information on cryptocurrency exchanges. In particular, it highlights a heat in trading volume on centralized exchanges, while interest in decentralized platforms such as Uniswap and dydx is growing.

In conclusion, the CoinShares report paints a complex and nuanced picture of the crypto market. While the difficulties of Bitcoin and ETFs persist, on the other hand there are signs of interest in altcoins and decentralized platforms.