Crypto Fund Outflows Hit $500 mn Last Week
Crypto-focused investment funds saw outflows of $500 million last week, as Grayscale’s spot Bitcoin ETF outflows began to subside. Grayscale lost $2.2 billion in outflows last week, but the daily total reduced as the week progressed.
Grayscale’s newly-converted Bitcoin fund (GBTC) has seen outflows that surpassed $5 billion since January 11. GBTC’s substantial outflows overshadowed the $1.8 billion in net inflows recorded by newly-opened spot Bitcoin ETFs in the U.S.
However, the amount of funds flowing into these new spot bitcoin ETFs has slowed. CoinDesk data shows that the newly-launched funds added around 46,000 BTC last week, down from 60,000 BTC the funds purchased the week before.
Bitcoin funds accounted for the majority of last week’s activity, recording $479 million in outflows, with short-bitcoin funds seeing inflows of $10.6 million. Altcoins, Ethereum, Polkadot, and Chainlink led the way with $39 million, $0.7 million, and $0.6 million outflows, respectively.
(With inputs from Shikha Singh)
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