Crypto Funds Saw $500 mn in Outflows Last Week
Crypto funds at asset managers such as BlackRock, Bitwise, Fidelity, Grayscale, ProShares and 21Shares saw net outflows totaling $500 million globally last week, according to CoinShares’ latest report.
Grayscale’s higher-fee converted spot bitcoin exchange-traded fund (GBTC) continued to dominate outflows, with $2.2 billion exiting the exchange-traded fund. However, the most recent data suggests that impact is beginning to subside, with daily outflows falling consecutively over the week, CoinShares Head of Research James Butterfill wrote.
GBTC’s strong outflows contrast with inflows from the nine newborn spot bitcoin ETFs totaling $1.8 billion last week, led by $744.7 million from BlackRock’s IBIT and $643.2 million from Fidelity’s FBTC. Since launch on Jan. 11, the nine new ETFs have collectively registered around $5.8 billion in inflows and GBTC $5 billion in outflows, leading to a total net inflow of $759.4 million.
(With inputs from Shikha Singh)
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